Alleged CBN Press Statement Denial Regarding Weekly Forex Sales to BDCs False

By Afeez Rabiu

Claim

A press statement allegedly issued by the Central Bank of Nigeria (CBN) claiming that it has not resumed weekly foreign exchange sales to Bureau De Change (BDC) operators has been circulating.

Verification

FactcheckAfrica went on to investigate the authenticity of this statement. After thorough examination, it has been verified that the press statement is indeed fake. The CBN, through its official Twitter handle, has debunked the false information, confirming its plans to resume weekly sales to BDCs. FactcheckAfrica relied on credible sources, including the CBN’s official communication and a conventional media platform report, to provide an accurate account of the situation.

Verdict

False

Analysis

A purported press statement from the Central Bank of Nigeria has been circulating, contradicting the widely reported news of the CBN’s plan to resume weekly dollar sales to Bureau De Change (BDC) operators. The fake statement claims that the CBN has not resumed such sales, citing concerns about false reports that could incite market panic.

Verifying the CBN’s Official Response

To determine the authenticity of the press statement, a check of the Central Bank of Nigeria’s official X handle was conducted. The CBN, through its verified Twitter account, issued a statement on  26th February 2024, categorically denying the circulated press release.

The official tweet clarified that the CBN has, in fact, resumed weekly foreign exchange sales to BDC operators.

CBN Official Post:

This official communication from the CBN serves as a primary source debunking the fake press statement.

In Corroboration, Business Day Newspaper Published an Article

For further clarification and background on the CBN’s recent actions regarding Naira and foreign exchange, a Business Day newspaper article titled “Naira gains as CBN plans $40,000 weekly sales to BDCs” dated February 27, 2024, provides valuable insights.

The article reports that the CBN plans to sell $40,000 weekly to BDC operators, marking the first such transaction since July 29, 2021. The document from the leadership of the BDCs, as cited by Business Day, outlines the specifics of the sales, including rates, volumes, and account funding details.

The article further explains that the naira has appreciated against the dollar at both official and unofficial foreign exchange markets, following the CBN’s intervention.

Conclusion

In conclusion, the FactcheckAfrica investigation confirms that the press statement in circulation, denying the CBN’s resumption of weekly foreign exchange sales to BDC operators, is false. The official communication from the CBN on its Twitter handle serves as a credible and primary source debunking the misinformation. Additionally, the news report corroborates the CBN’s plans to boost dollar supply to BDCs as part of its efforts to stabilize the Naira and address rate disparities.

As a result, it is crucial for the public to disregard the fake press statement and rely on verified information from official sources to make informed decisions in the dynamic foreign exchange market.