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CBN Introduces New Forex Rates, Sells Dollars The Lowest Price For Nigerians

The Central bank of Nigeria, CBN, on Monday directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar.

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Monday morning, said Nigerians can now get the dollar at N360/$1 across all commercial banks within the country, adding that banks will no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances.

The spokesperson of the CBN, Isaac Okarafor, said all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get at an exchange rate not more than N360 to the dollar.

“The CBN will sell to commercial banks at N357 per dollar,” Mr. Okorafor said. “Banks are to post the new rates in their banking halls of their branches immediately.”

He said CBN would send examiners to banks to ensure the new rates are implemented, warning that banks are prohibited from selling forex meant for invisibles to bureau the change..

“The CBN 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 Tweeted further on Monday.

Below are Tweets we culled from CBN’s account on the latest development

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