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Home Markets Currencies

Why The CBN Cut Dollar Sales to BDC’s In Lagos and Abuja

Nairametrics by Nairametrics
November 29, 2016
in Currencies
Access Bank Says Naira May Depreciate to “N515” By 2017
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Reports emerged on Monday that the Central Bank has reduced the value of dollar sales to BDC operators from $15,000 to $8,000 weekly. This has contributed to the further slide of the Naira which closed on Monday at N473 (black market).

Why the CBN cut sales

  • The CBN was too focused on selling to BDC’s in Abuja and Lagos thus starving BDC’s in other cities in the country of forex.
  • The CBN therefore decided to sell to other states thus reducing the ration that was hitherto allocated to Lagos State.
  • This has now triggered a further depreciation of the naira in Lagos and in Abuja, two states which typically decide the exchange rate in the parallel market.
Tags: Black Market
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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