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GOODNEWS TO NIGERIANS: CBN forces banks to sell dollar at cheap rate

Following the proposition to stabilize and improve on recent gains made by Naira against the Dollar, the Central Bank of Nigeria (CBN) on Monday 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.

Said to have been authorized by the CBN governor, Godwin Emefiele, part of the apex bank’s new forex policy reads:

“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)”

“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”’.

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