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NEW FOREX POLICY: CBN forces banks to sell at N360/dollar

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In its bid 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”’.

Details shortly…

 

 

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0 Comments

  1. yanju omotodun

    March 27, 2017 at 1:13 pm

    “CBN prohibits banks from selling forex funds meant for invisibles to BDCs”

    Why can’t we annihilate BDCs and focus only on commercial banks to sell and buy dollar. I don’t want to hear anything again about Bureau De Change

    • Agbor Chris

      March 27, 2017 at 1:52 pm

      Bureau De Change cannot be wiped out, they are established and part of the market already, the CBN still needs to find a way of working effectively with the ‘Abokis’

      • Joy Madu

        March 28, 2017 at 5:37 am

        That is if the abokis will agree in working with the CBN

    • Balarabe musa

      March 27, 2017 at 3:00 pm

      Bureau De Change is a strong Institution on its own and they play vital roles in monetary policy as well as in the economy. The government can only regulate the rate at which they exchange naira to dollar but can’t scrap it off.

  2. Animashaun Ayodeji

    March 27, 2017 at 1:49 pm

    Where has Emefiele put his brain since all these while? now I can see he’s acting more and improving. This new rate will definitely help

    • JOHNSON PETER

      March 27, 2017 at 1:57 pm

      In your father’s pocket hid his brain. You think, you just rush to stimulate the economy, it takes consideration and gradual process.

  3. Anita Kingsley

    March 27, 2017 at 3:16 pm

    N357 to $1 is still very high, when is the exchange rate going to return to N150? We can still manage this, but N357? No, it’s on the high side!

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