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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  • Rommel

    HahahahahahahahahahahahLol!

  • Mark Benny

    Nice Move, we are heading somewhere at least

  • Watch man

    Eventually, it looks like N1 will equal $1 after all.

    • Haba mallam

      I hope Johnathan, Ngozi iweala are watching how this young girl with a accounting degree is making Nigeria great. PhD Iweala and Johnathan should auction their certificates on eBay.

    • joe

      Not in the life time of this government. They can achieve 200/1usd

    • Lorgne

      CBN offered $100 m but only $82 m was taken by banks. This should mean oversupply and a fall in the $$$$ value. It means even the N360 is on the high side.

      • Watch man

        Meaning also that govt knows what to do to shore up naira’s value.

  • Omooba Adekunle Orafidiya

    The Emefiele chump should stop this artificial appreciation of the Naira. It is a waste of our foreign reserves. The Naira will eventually crash to about N600/$ when this tomfoolery is over.

  • Mr Integrity

    This useless Emifele… we all know that he single handedly devalue Naira, now after a serious warning from Osibanjo Naira is gaining value again. This man needs to be arrested for exposing Nigerians in to untold hardship. Now he want to parade himself as a hero after enriching himself and his associates. Useless man.