The Central bank of Nigeria CBN has directed all commercial banks to instantly commence the sale of foreign exchange to their customers at amount not exceeding ₦360 to the dollar.
According to spokesman of the CBN, Isaac Okarafor, who announced the new update on Monday, March 27, 2017, stated that all customers bidding forex for their basic transport allowance and personal transport allowance, medical fees and tuition, would from now get at an exchange less than N360 to the dollar.
He said: “The CBN will sell to commercial banks at ₦357 per dollar.
“Banks are to post the new rates in their banking halls of their branches immediately.”
Okarafor said the CBN would send inspectors to banks to confirm that the new rates are effected, warning that banks are barred from selling forex meant for invisibles to bureau the change.
Recall that the CBN’s intervention at the foreign exchange market has been applauded by professionals who have begged the apex bank to eradicate the multiple rates in the market.
As the Nigeria Naira continues to increase in value, experts say it is essential for the CBN to adjust applicable rates in different sections of the market in the overall interest of the economy.
Merchants are hopeful that the national currency value could rise to about ₦350 against the US dollar soon.
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