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CBN Announces New Exchange Rate, Crashes Dollar to N360

BALTIMORE, MD (AFRICAN EXAMINER) – In another move to make Naira appreciates further against Dollar, the Central Bank of Nigeria (CBN) has introduced N360/ Dollar as the new Forex rate for various invisibles.

CBN assured Monday that the new rate would be available to Nigerians who wish to buy in all commercial banks across the country.

In the new measure, CBN announced that it would sell Forex to banks at the rate of N357/$1, while banks have been directed sell to their customers at the rate of N360/$1 for invisibles for items such as BTA, medicals, fees and others.

In the meantime, the apex Bank has directed banks to immediately post the new rate in branches of their banking halls across the country.

It also indicated that its monitoring team would move around to oversee the level of compliance to the policy implementation, while warning that Forex meant for customers must not be sold to Bureau De Change operators (BDCs).

 

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