CBN to visit banks to ensure new Forex rates are implemented


ABUJA, MARCH 27, 2017 – The central bank of Nigeria 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.

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