CBN Releases Rules for Dollar Purchase as Naira Exchange Rate Adjusts

The Central Bank of Nigeria (CBN) has issued guidelines for buying dollars from banks and Bureau de Change operators as the Naira adjusts its exchange rate. Despite a slight trade on December 9, the Naira weakened by 0.4% to close at N1,454.38 per dollar.

The CBN recorded the lowest $2 billion FX inflow in November, indicating a liquidity challenge. The new framework allows limited access to foreign currency for travel and business purposes.

Murtala Sabo Sagagi expressed optimism following the recent Monetary Policy Committee meeting.