Economy
CBN sells $10,000 to BDC at N1,251/$1
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.
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.
Nigeria spent $817.4m, approximately N1.26 trillion, to service its debt in the first two months of 2025. This represents a 3.12 percent decline when compared to $843.73 million spent in the corresponding period of 2024.
Data from the Central Bank of Nigeria, CBN, International Payments Report shows that in January 2025, the government spent $540.7 million and in February 2025 it spent $276.7 million on debt servicing.
Further breakdown shows that the country had spent $3.81 billion (about N5.9 trillion) for debt service/Payments in 2024.
Recall that the Federal Government unveiled its largest national budget in 65 years, with a record-breaking N54.99 trillion proposed spending, representing a 56.89 percent increase from the N35.05 trillion budgeted in 2024 (including a supplementary N6.2 trillion).
President Bola Tinubu described it as the “Budget of Restoration,” aimed at stabilising the economy and driving growth.
In the budget debt servicing is allocated N16.3 trillion, a 95 percent increase from N8.25 trillion budgeted in 2024.
Meanwhile, data showed that Nigeria’s foreign trade in Letters of Credit, LC, payments fell by 0.55 percent Year-on-Year (YoY) to $160 million in the first two months of this year from $160.9 million in the corresponding period of last year.
LC payments is one of the critical measure of a country’s credit worthiness but a decline or increase could also reflect developments in volume of import trades.
LC payments for 2024 stood at $801.06 million, representing a 39 percent YoY decline from $1.32billion in 2023.
The Naira appreciated Tuesday to ₦1,565 per dollar in the parallel market from ₦1,570 per dollar on Monday. However, it depreciated to ₦1,537 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 ₦1,537 per dollar from ₦1,528 per dollar on Monday, indicating ₦9 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to ₦37 per dollar from ₦42 on Monday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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