The
Central Bank of Nigeria on Monday introduced new Forex rates and would no
longer trade the naira at N375 per dollar for invisibles, such as school fees,
medical bills and travel allowances.
The
regulator said Nigerians can now get the dollar at N360 across all commercial
banks within the country.
“The
CBN [is] to sell forex to banks at N357/$1, while banks will sell to their
customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” the apex bank
said on Monday.
“CBN
directs banks to post new rates in the banking halls of their branches
immediately. CBN examiners to visit banks to ensure the new rates are
implemented.
“CBN
prohibits banks from selling forex funds meant for invisibles to BDCs”
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