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 N360 to the dollar.
In a statement by the apex bank
spokesperson, Isaac Okoroafor, all customers requesting forex for their
basic transport allowance and personal transport allowance, tuition and
medical fees, would henceforth get it at an exchange rate not more than
N360 to 1 dollar.
The terse statement reads, “The CBN 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”
The apex bank said it would sell to
commercial banks at N357 per dollar and banks are to post the new rates
in their banking halls of their branches immediately.