CBN sets upper limit for dollars sales to customers

Dollar and Naira bills [Photo credit: NairaFX]

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 not more than N360 to the dollar.

The spokesperson of the CBN, Isaac Okarafor, 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,” Mr. Okorafor said. “Banks are to post the new rates in their banking halls of their branches immediately.”

He said the Central Bank 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.

Last week, inter-bank market transactions ended on a high, with Naira closing at about N375 to the dollar on Wednesday.

Traders were optimistic that the national currency value could rise to about N350 against the dollar.

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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


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