Nigeria gives new directive on foreign exchange

Nigerian apex bank i.e. the Central bank of Nigeria has
announced a new policy with respect to foreign exchange and its acquisition
which is expected to start with immediate effect.

Premium Times reports that, this new course of action is
coming after National Economic Council’s directives that was issued on
Thursday, February 16, 2017. The new order is to check the widening gap
between the inter-bank foreign exchange and parallel market rates (black
market).

“In order to ease the
difficulties encountered by Nigerians in obtaining funds for foreign exchange
transactions, it would henceforth be providing direct additional funding to
banks to meet the needs of Nigerians for personal and business travel, medical
needs, and school fees, effective immediately,”
  said the apex bank.

Retail rate would not exceed 20% above the interbank market
rate.
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