The
Central bank of Nigeria, CBN, on Monday directed all deposit money
banks to immediately commence the sale of foreign exchange to their
customers at not more than N360 to the dollar.
Central bank of Nigeria, CBN, on Monday directed all deposit money
banks to immediately commence the sale of foreign exchange to their
customers at not more than N360 to the dollar.
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Monday
morning, said Nigerians can now get the dollar at N360/$1 across all
commercial banks within the country, adding that banks will no longer
trade the naira at N375 per dollar for invisibles, such as school fees,
medical bills and travel allowances.
morning, said Nigerians can now get the dollar at N360/$1 across all
commercial banks within the country, adding that banks will no longer
trade the naira at N375 per dollar for invisibles, such as school fees,
medical bills and travel allowances.
The spokesperson of the CBN, Isaac Okarafor, said all customers
requesting forex for their basic transport allowance and personal
transport allowance, tuition and medical fees, would henceforth get at
an exchange rate not more than N360 to the dollar.
requesting forex for their basic transport allowance and personal
transport allowance, tuition and medical fees, would henceforth get at
an exchange rate not more than N360 to the dollar.
“The CBN will sell to commercial banks at N357 per dollar,” Mr. Okorafor said. “Banks are to post the new rates in their banking halls of their branches immediately.”
He said CBN would send examiners to banks to ensure the new rates
are implemented, warning that banks are prohibited from selling forex
meant for invisibles to bureau the change
