Sell 1 dollar at N360 - CBN orders commercial banks

Sell 1 dollar at N360 - CBN orders commercial banks

In a statement by the apex bank spokesperson, Isaac Okoroafor, all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get it at an exchange rate not more than N360 to 1 dollar.

The Central Bank of Nigeria, on Monday, has directed banks to sell dollars at N360.

CBN gave the directive in a statement released on Monday.

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While the interbank rate close the week at N307/$, naira sustained gains at the parallel market to N378/$, widening the speculative losses and triggering further apprehension among speculators, who anticipate further losses given the continued crash of the dollar.

Okorafor said that examiners from CBN would visit banks to ensure the new rates were implemented, with immediate effect.

Previously, the bank was selling between 315 and 360, for visible and invisibles transactions, and permitting banks to sell at no more than 375 per dollar on invisible transactions.

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The naira has in the past week seen a geometric appreciation following interventions by the central bank.

Meanwhile, the interbank lending rates- Open Buy Back and Overnight declined by 4.8 per cent and five per cent respectively when compared to previous week's record, as they closed the week at 9.5 per cent and 10 per cent apiece. "So they're bringing the dollars out because the value is dropping", he said.

Mr. Okorafor warned that the new move by the CBN was aimed at further easing access to forex by genuine end-users, pointing out that banks were prohibited from selling foreign exchange funds meant for invisibles to Bureau De Change.

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