Yemi Cardoso is set to crash the skyrocketing exchange rate with the proposed sale of $20,000 to each BDC at N1,450/$1.
NewsOnline Nigeria reports that Yemi Cardoso led-Central Bank of Nigeria (CBN) has announced the approval of the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.
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In a circular signed by A. A Mahdi, the Acting Director of Trade and Exchange at the CBN, it was disclosed that the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$1.
These sales come at a time when the naira faces constant pressure, inching toward the N1,600/$1 ceiling.
More Details shortly….
