CBN Orders Banks To Sell Dollar At N360

The Naira traded N400 to a dollar at the black market on Wednesday in Abuja following sustained CBN intervention

The CBN says banks will be receiving the foreign exchange at 357 to the Dollar from the regulator and should not sell the monies to Bureau de Change operators, but only to retail end users.

The Central Bank of Nigeria (CBN) has directed all banks to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar.

"The CBN will sell to commercial banks at N357 per dollar", Mr. Okoroafor said.

Previously, the bank was selling between 315 and 360, for visible and invisibles transactions, and permitting banks to sell at no more than 375 per dollar on invisible transactions.

The Acting Director of Corporate Communications, CBN, Isaac Okorafor, attributed the inability of authorized dealers to pick up the entire offer of the CBN to increasing dollar supply and sense of apprehension among dealers who anticipate a further crash in the rate of the dollar.

He also said that applications for school fees and medical bills were to be approved by banks, within 48 hours of such application.

Following a recent expansionary policy and a new resolve to ease the cost of doing business locally, the CBN has released about $400 million into the foreign exchange in the last four weeks, with a specific directive that $45 million from the last intervention be set aside for the settlement of invisibles.

Going forward, he reiterated that all banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.

He, therefore, urged customers to report any erring bank to CBN for investigation and appropriate sanction. The naira traded at 315 on the official market on Monday.

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