CBN Crashes Dollar Price, Sells at 1,100

The Central Bank of Nigeria has reduced the price of dollar to Naira in a latest move.

The Apex Bank announced the sale of huge amount of dollars to Bureau De Change (BDC) operators who will in turn sell to individual buyers at a regulated price.

The Central Bank made this known in a circular published on its website on Monday. According to the circular, the apex bank is to sell $10,000 to each BDC at the rate of N1,101 per dollar and has instructed the operators to sell at a spread not exceeding 1.5 per cent above the CBN rate.

This marks a significant gain for the Naira. With this development, Nigerians can now buy the currency at a lower rate compared to how much they used to spend when Naira was on a continuous free fall some months ago selling as high as N1,600 per dollar.