Business
CBN Sells Dollars to BDCs at N1450/USD Amid Forex Market Reforms
In a recent development, the Central Bank of Nigeria (CBN) sold dollars to eligible Bureau De Change (BDC) operators at a rate of N1450 per dollar.
This decision, aimed at meeting demand for invisible transactions, comes after concerns were raised over exclusion of BDCs in previous forex sales totaling $123 million to authorized dealers.
ABCON President Aminu Gwadebe highlighted the exclusivity of banks in accessing these interventions.
The CBN’s move underscores ongoing efforts to reform the foreign exchange market and address retail segment distortions influencing exchange rate premiums.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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