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Breaking: CBN Introduces New Forex Rates…Sells N357/$1 To Banks

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 The Central Bank of Nigeria [CBN] has introduced new forex rates. The Apex ban now sells a dollar at 357 Naira to banks.

CBN has therefore directed all banks in the country to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar.

CBN Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed this Monday morning in Abiuja.

He said: “CBN will sell to banks at 357 naira per dollar. Banks are to post the new rates in the banking halls of their branches immediately. CBN will send examiners to banks to ensure the new rates are implemented. Banks are prohibited from selling FX funds meant for invisibles to BDCs.”

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.

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