CBN introduces new forex rate
banks to instantly commence the sale of foreign exchange to their customers at amount
not exceeding ₦360 to the dollar.
the new update on Monday, March 27, 2017, stated that all customers bidding forex
for their basic transport allowance and personal transport allowance, medical
fees and tuition, would from now get at an exchange less than N360 to the
sell to commercial banks at ₦357 per dollar.
new rates in their banking halls of their branches immediately.”
that the new rates are effected, warning that banks are barred from selling
forex meant for invisibles to bureau the change.
market has been applauded by professionals who have begged the apex bank to eradicate
the multiple rates in the market.
say it is essential for the CBN to adjust applicable rates in different sections
of the market in the overall interest of the economy.
rise to about ₦350 against the US dollar soon.