dglobalnews.com CBN to sell dollars to consumers at 360 naira
Published: Tue, March 28, 2017
Markets | By Armando Jensen

CBN to sell dollars to consumers at 360 naira

CBN to sell dollars to consumers at 360 naira

The apex bank further stated that it would send examiners to banks to ensure the new rates are implemented, warning that all DMBs are prohibited from selling forex meant for invisibles to Bureau De change (BDCs).

The Central Bank of Nigeria (CBN), on Monday said it would sell dollars to banks at N357 and direct them to sell to their customers at N360 with immediate effect.

CBN will sell to banks at 357 Naira per dollar while banks are to post the new rates in the banking halls of their branches immediately, according to a statement from the apex bank on Monday.

He said the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market.

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The Acting Director of Corporate Communications, CBN, Isaac Okorafor, attributed the inability of authorized dealers to pick up the entire offer of the CBN to increasing dollar supply and sense of apprehension among dealers who anticipate a further crash in the rate of the dollar.

This latest development comes in line with the CBN's recent policies aimed at reducing the scarcity of forex, particularly the US Dollar.

He also said that applications for school fees and medical bills were to be approved by banks, within 48 hours of such application.

But Okorafor reiterated the determination of the bank to sustain its current interventions in the market, adding that "those who doubt the capacity of the CBN to sustain the intervention in the foreign exchange market are beginning to have a change of mind". This means that Nigerians across the country can now get the dollar at 360 in comparison to N500 it sold for in the unofficial markets earlier this month.

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