CBM Orders Banks to Sell Dollars at N360/$1

The Central Bank of Nigeria (CBN) says banks will no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances.

CBN, on Monday morning, 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 on Monday.

“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”

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.

The CBN on Friday, March 24, concluded transactions of $100 million earlier offered at the interbank market to meet customers’ demands.

Of the $100 million offered by CBN, authorized dealers were only able to pick $81.347 million after an initial bid for $91 million.

Isaac Okorafor, the CBN spokesperson, attributed the inability of authorized dealers to pick up the entire $100 million to increasing dollar supply and sense of apprehension among dealers who anticipate a further crash in the rate of the dollar.

The policy suite being implemented by the CBN is aimed creating a convergence between parallel market and official rates of foreign exchange.


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