The Central Bank of Nigeria (CBN) on Monday announced that banks will no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances.
In a statement issued this morning, the Apex Bank said Nigerians can now get the dollar at 360 across all commercial banks within the country.
“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 in the statement.
The country’s premier bank also stated that examiners will be sent to commercial banks across the country to ensure the new foreign exchange rates are duly implemented.
Banks were also directed to immediately post new rates in the banking halls of their branches.
The naira has in the past week seen a geometric appreciation following interventions by the central bank. The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week.
While the Naira appreciated, the leader of bureau de change operators in Nigeria said his members lost N130 million due to the mode of Central Bank’s intervention in the past week.