• The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Wednesday, August 10, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
Naira and Dollars

Naira and Dollars

CBN adds more dollars to forex market after setting sales limit

byBassey Udo
March 27, 2017
Reading Time: 2 mins read
1

To meet requests from customers for foreign exchange following its decision on Monday to set the upper limit of the exchange rate, the Central Bank of Nigeria, CBN, has released $85 million to banks for sale to customers.

The forex was sold to the banks at the new rate of N357 to the dollar for onward sale to retail end-users at the new ceiling rate of not more than N360.

The spokesperson of the CBN, Isaac Okorafor, said the forex was to meet the demand for invisibles such as Basic and Personal Travel Allowances, medicals and school fees.

Mr. Okorafor said the allocation on Monday was in addition to about $100 million to authorized forex dealers in the interbank wholesale window to meet the requests of genuine wholesale customers.

He said the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market.

“All banks had also been directed to immediately post the new N360 per dollar rate on their electronic display boards in the banking halls of their branches for easy monitoring of compliance,” Mr. said. “The examiners from the CBN would visit banks to ensure the new rates are implemented as directed.”

The CBN spokesperson restated the bank’s directive to all banks to process and meet the demand for all travel allowances by end-users within 24 hours of such applications, while requests for school fees and medical bills would be met within 48 hours of such application.

Mr. Okorafor warned that the new move by the CBN was aimed at further easing access to forex by genuine end-users, pointing out that banks were prohibited from selling foreign exchange funds meant for invisibles to Bureau De Change.

“Going forward all banks would receive amounts commensurate with their demand per week, to be sold to customers who meet usual basic documentary requirements,” he said.

TEXEM Advert

He therefore urged customers to report any erring bank refusing to sell at stipulated rates and conditions to the CBN for investigation and appropriate sanctions.

Earlier, the CBN said it had set a ceiling of N360 to the dollar as official exchange rate for the Naira.

  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • WhatsApp
  • Share on Tumblr
  • Pocket


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Lagos launches community ‘police’

Next Post

UPDATED: How judge granted bail to ex-governor convicted of contract fraud

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

President Muhammadu Buhari

Buhari backs down, supports regulator’s rejection of Seplat’s purchase of ExxonMobil asset

August 10, 2022
Nigerian Economic Summit Group (NESG) chairman, Asue Ighodalo [PHOTO CREDIT: TheCable]

Theft, vandalism rob Nigeria of benefits of high crude oil prices – NESG

August 10, 2022
Naira and Dollars

Naira gains at official forex market

August 9, 2022
Nigerian stocks

Nigeria stocks at four-month low, shed N614 billion

August 9, 2022
FEC Meeting chaired by President Buhari

EXCLUSIVE: Buhari suspends $418 million Paris Club refund plan as ministers clash at FEC

August 9, 2022
President Muhammadu Buhari

Nigeria’s regulator rejects Buhari’s approval of Seplat’s purchase of ExxonMobil’s asset

August 8, 2022
Read All Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2022 The Premium Times, Nigeria