You see, the continued sale of the dollar by the Central Bank of Nigeria to Bureau De Change (BDCs) is drawing reactions from Nigerians.
But people who take deep look into the nation’s economy are of the opinion that Nigeria needs to improve its manufacturing sector, develop the I.T. industry and grow exportable produce now more than ever before.
They have their reasons.
Now, the Central Bank of Nigeria (CBN) has revealed plans to sell more US dollars to Bureau De Change (BDC) operators.
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According to a circular, the CBN will sell dollars to BDCs directly at a ‘discounted’ rate of ₦1,021 per dollar.
This decision does not seem right to some persons.
An economist and public speaker, Ganiyu Adebomehin, has given his opinion on this policy.
He believes it is not sustainable.
Adebomehin said: “Nigeria is not generating enough dollar to sustain this dollar sale to BDCs”.
He is of the opinion that Nigeria needs to diversify its economy.
One way to do it is for the nation with vast arable land to get more involved in agriculture. This will increase production of goods that can be exported to generate dollars.
“We are too reliant on crude oil and because of pipeline vandalism we are not meeting our production target.
“We need to revive the ailing economy and proceeds of crude oil alone can not do the needed magic.
Sell To Eligible End Users
This is the second time the CBN is selling the greenback to BDCs in the month of April and fourth time in 2024.
The circular reads: “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of ₦1,021/$1.
“BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5% above the purchase price.
“All eligible BDCs are to commence payment of Naira deposit to the approved CBN Naira Deposit Account Numbers from Monday April 22, 2024.
“The respective BDCs should submit confirmation of payment, with other necessary documentations.
“Without carrying out this process disbursement of FX will not be made”.
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According to the CBN, this measure will keep the naira afloat, as it fell against the dollar in the past few days.
Earlier in the year, the CBN, said it will sell $20,000 to each BDCs at the rate of ₦1,301/$.
However, the CBN later reduced the allocation to 50% and to sell FX at the rate of ₦1,251/$1 to BDCs.
