The central
bank of Nigeria (CBN) will send examiners to commercial banks across the
country to ensure the new foreign exchange rates are duly implemented.
The CBN sold
FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1
for invisibles (BTA, medicals, fees, etc).
CBN
prohibits banks from selling #FOREX funds meant for invisibles to BDCs
CBN also
directed banks to post new rates in the banking halls of their branches
immediately.
The naira
has in the past week seen a geometric appreciation following interventions by
the central bank. The Naira recorded an appreciation of 12.36 per cent at the
parallel market in the last one week.
While the
Naira appreciated, the leader of bureau de change operators in Nigeria said his
members lost N130 million due to the mode of Central Bank’s intervention in the
past week.
(Financial
Watch)
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