The Central Bank of Nigeria (CBN) has debunked a purported circular claiming it had authorized the sale of foreign exchange (FX) to Bureau De Change (BDC) operators at a rate of N1,300 per dollar.
The alleged circular, dated Tuesday, December 10, 2024, claimed that the apex bank had sold $20,000 to each eligible BDC operator under new foreign exchange reforms.
The fraudulent document cited ongoing reforms in the FX market aimed at achieving a market-determined exchange rate for the Naira.
It also claimed that the CBN observed persistent price distortions at the retail end of the market, allegedly contributing to a widening exchange rate premium in the parallel market. However, the Central Bank firmly denied these claims.
Through its official account on X (formerly Twitter), the CBN clarified on Wednesday, December 11, 2024, that the circular in circulation was fake.
The statement urged the public to disregard the misinformation, emphasizing that the bank remains committed to its transparency measures in the foreign exchange market.
This false claim surfaced at a time when the Naira has shown signs of stabilization in the foreign exchange market.
Over the past week, the local currency gained strength against the US dollar following the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the CBN.
This innovative platform is designed to enhance transparency and accountability in FX transactions by ensuring a more efficient market-determined pricing mechanism.
Despite these efforts, recent fluctuations in the parallel market have raised concerns. In the past two days, the Naira weakened in the black market, trading at N1,660 per dollar.
However, on Tuesday, December 10, 2024, the official market recorded a slight improvement as the Naira closed at N1,525 to the dollar.
The CBN’s efforts to stabilize the foreign exchange market have been ongoing.
The last notable intervention in the black market occurred in September 2024, when the bank sold FX at a rate of N1,590 per dollar to BDC operators.
Since then, the CBN has introduced several reforms aimed at closing the gap between the official and parallel market rates.
The apex bank’s clarification underscores its dedication to maintaining transparency and combating the spread of false information that could disrupt the nation’s financial stability.
Market observers believe that continued reforms and innovations like EFEMS will be crucial in achieving a stable and efficient FX market for Nigeria.
