CBN Refutes False Reports on FX Rates to BDCs at N1,001/$1

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The Central Bank of Nigeria (CBN) has debunked misleading reports suggesting that it is selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. The CBN clarified this misinformation in a statement posted on X on Thursday, labeling the circulating circular as “fake.”

The fraudulent circular claimed that the CBN was selling $10,000 to BDCs at the rate of N1,001/$1, instructing BDCs to resell to eligible end users with a maximum margin of 1.5 percent above the buying cost.

However, the CBN emphasized that this information was false and directed Nigerians to rely on authentic updates from its official website.

Earlier on April 8, the CBN had announced the sale of FX to BDC operators at the rate of N1,101/$, which stands in contrast to the fabricated rate of N1,001/$1 being circulated.

The CBN reiterated its commitment to providing accurate information and urged the public to refer to its official channels for credible updates on foreign exchange policies and operations.


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Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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