CBN introduces new foreign exchange rates

The Central Bank of Nigeria on Monday introduced new Forex rates, saying it will no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances.

The apex bank said Nigerians can now get the dollar at N360 across all commercial banks within the country.

“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 regulator said on Monday.

“CBN directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented.

“CBN prohibits banks from selling forex funds meant for invisibles to BDCs,” the apex bank added.