The CBN announced, on Monday, March 27, that it will start sellingforeign exchange to banks at N357 to the dollar so they can implement the new rate.

“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 said.

“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,” it added.

The dollar sold at N390 to the dollar on Thursday, March 23, after an intervention by the CBN which led the Naira to rise against the dollar.

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The last time the Naira traded between N390 and N400 to the Dollar at the parallel market was in August 2016.