CBN Orders Banks To Sell Dollar At N360



[UPDATE]: CBN Orders Banks To Sell Dollar At N360
In a bid to boost foreign exchange supply and keep the market liquidity, the Central Bank of Nigeria (CBN) has directed commercial banks to begin the sale of foreign exchange for Business Travel Allowance, BTA, Personal Travel Allowance, PTA, Tuition and Medical fees to customers at not more than N360 per dollar.
Isaac Okoroafor, the apex bank spokesperson, in a statement said that the apex bank will sell to commercial banks at 357 naira per dollar.

The CBN, while revealing that examiners will be sent to the banks to ensure the new rates are implemented, directed all Banks to post the new rates in the banking halls of their branches immediately.

“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 statement added.
Source: https://thewhistler.ng/story/breaking-cbn-orders-banks-to-sell-dollar-at-n360

No comments