Foreign Exchange CBN instructs banks to sell forex at N360/$1

Banks have been instructed to display the new rate in all their branches.

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The Central Bank of Nigeria, on Monday, has directed banks to sell dollars at N360. The rate will only apply for invisibles such as school fees, medical bills and travel allowances.

The apex bank issued a statement to the effect through its official twitter account. It said “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 banks have been instructed to paste the new rates prominently in their banking halls. The CBN added that its examiners will visit branches to ensure that the policy is implemented, even as banks have been prohibited from selling forex meant for invisibles to bureaux de change.

This latest development comes in line with the CBN’s recent policies aimed at reducing the scarcity of forex, particularly the US Dollar.

In recent weeks, the apex bank has injected large sums into the foreign exchange market, with the effect that the naira has strengthened to N390/$1 in the parallel market.

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