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CBN sells $10,000 to BDC at N1,251/$1

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The Central Bank of Nigeria has issued a circular to Bureau De Change operators informing them of the sale of $10,000 to each BDC at a rate of N1,251/$1.

This was contained in a circular made available to PUNCH Online and signed by the bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, on Monday.

The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, implying that each BDC is not expected to sell above N1,269/$1.

The PUNCH reported that the CBN announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country in February.

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This is coming more than two years after the former CBN Governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market.

The document read, “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not mora than 1.5 per cent above the purchase price.”

This confirms a resumption of the sale of dollars to BDC operators after a protracted period of ban by the central bank in 2021.

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Economy

Naira Records Marginal Decline Against Dollar at Official Market

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The Nigerian naira experienced a mild drop in value on Friday, closing at ₦1,602.18 per dollar in the official foreign exchange market, based on figures released by the Central Bank of Nigeria (CBN).

This marks a decrease of ₦5.49 from the rate of ₦1,596.69 recorded on April 30, the last trading day before the May 1 Workers’ Day holiday—indicating a depreciation of approximately 0.34%.

Earlier in the week, from Monday to Wednesday, the naira remained relatively stable, exchanging at ₦1,599.95, ₦1,599.71, and ₦1,596.69 respectively.

Although the local currency showed some consistency mid-week, it wrapped up the week with a loss, following a sligh dip of 0.02% at the beginning of the week

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Black Market Dollar hits N1,610 Amid Economic quagmire

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What is the Dollar to Naira Exchange Rate in the Black Market (Also Known as the Parallel Market or Aboki FX)?

Below is the black market exchange rate for the U.S. dollar to the Nigerian naira as of Thursday, May 1, 2025. These are the typical rates at which you can exchange dollars for naira:

Dollar to Naira Black Market Exchange Rate (May 1, 2025):
At the Lagos Parallel Market, also referred to as the black market, Bureau De Change (BDC) operators are buying dollars at ₦1,602 and selling at ₦1,610, according to market sources.

Please note: The Central Bank of Nigeria (CBN) does not recognize or endorse transactions conducted on the parallel market. The CBN advises individuals and businesses seeking foreign exchange to use official banking channels.

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Naira nosedives to N1,615/$ in parallel market

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The naira depreciated to N1, 615 per dollar in the parallel market from N1,610 per dollar on Monday.
Likewise, the Naira depreciated to N1,602 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,602 per dollar from N1,596 per dollar on Monday, indicating N6 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N13 per dollar from N14 per dollar on Monday.

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