CBN introduces new forex rate

The Central bank of Nigeria (CBN) has ordered all deposit money banks to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar.
According to spokesperson of the CBN, Isaac Okarafor, who announced the news directive on Monday, March 27, 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.

“The CBN will sell to commercial banks at N357 per dollar. “Banks are to post the new rates in their banking halls of their branches immediately,” he said. Mr Isaac Okarafor said the 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. recalls that the CBN’s intervention at the foreign exchange market has been commended by experts who have appealed to the apex bank to eliminate the multiple rates in the market.

As the naira continues to appreciate, experts say it is necessary for the CBN to adjust applicable rates in different segments of the market in the overall interest of the economy.

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