The Central Bank of Nigeria on Monday, 27th March 2017, introduced new Forex rates. According to the CBN, it would no longer trade the naira at N375 per dollar for transactions such as school fees, medical bills and travel allowances. Nigerians can now get the dollar at N360/$ across all commercial banks within the country. With this announcement banks will sell at rates not more than N360/$1 to Nigerians. This news comes over a month after it released a new Forex policy, which it titled “New Policy Actions in the Foreign Exchange Market.”
“The 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),” the apex bank said on Monday.
The CBN has also directed banks to post new rates in the banking halls of their branches with immediate effect. It also said that examiners will visit banks to ensure that the new rates are implemented. It
“CBN prohibits banks from selling forex funds meant for invisibles to BDCs,” CBN said further.
This move by the CBN is expected to further push down the rates in the parallel market which closed at about N390/$1 last week.