The Central Bank of Nigeria (CBN) has said that the Naira will no longer trade for N375 per Dollar for invisibles (school fees, medical bills, and travel allowances).
The regulator said that it will now be traded for N360 per Dollar as it will sell to the banks for N357 per Dollar. The CBN also warned banks from selling FOREX funds meant for invisibles to Bureau de Change operators.
The announcement was made via CBN’s Twitter handle on Monday. CBN wrote:
#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)
#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