CBN: Banks to Sell Dollar at N360

nairaA bank clerk counts U.S. dollar banknotes on bundles of 100 Chinese yuan banknotes
  • Banks to Sell Dollar at N360

The Central Bank of Nigeria on Monday directed commercial banks across the country to sell the US dollar at N360 for invisibles — school fees, medical bills and travel allowances.

In the tweet posted on its twitter, the apex bank said it would sell dollar at N357 to the banks and instructed them to post the new rates in the banking halls immediately.

“CBN [is] to sell #FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” CBN said on Twitter.

The CBN further stated that its examiners would visit commercial banks to ensure the new rates are implemented, just as it prohibited banks from selling forex funds meant for invisibles to bureau de changes.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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