CBN to monitor sale of Forex by banks, sets rate @N360

ITRealms:

The Central Bank of Nigeria (CBN) has directed all banks in the country to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar, reports ITRealms.

The Acting Director, Corporate Communications at CBN, Mr. Isaac Okorafor, disclosed this in the Federal Capital Territory (FCT) Abuja on Monday.

Also, CBN has directed all banks to ensure immediate posting of this changes in their banking halls nationwide.

“CBN will sell to banks at 357 naira per dollar. Banks are to post the new rates in the banking halls of their branches immediately,” he said.

According to him, CBN would be monitoring this directive by sending examiners to banks to ensure the new rates are implemented and directive complied with.

“Banks are prohibited from selling FX funds meant for invisibles to Bureau De Changes (BDCs),” he said.

Uboshe Uboshe/GEE

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