CBN-Office-AbujaThe Central Bank of Nigeria (CBN) has crashed Dollar from N380 to N360 as it directed all banks to immediately comply with the new order.
According to information coming from the apex bank, the new order has been taken to alleviate the pains of retail foreign exchange (forex) by consumers especially on the forex for BTA, PTA, tuition and medical fees..
In a statement today, the CBN said that it will sell to banks at N357 per dollar and that banks are expected to post the new rates in the banking halls of their branches immediately.
The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor announced that CBN released the sum of $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than N360/$1, for invisibles such as Basic Travel Allowance(BTAs), medicals, school fees, etc.
He said that the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market.
He confirmed that all banks have also been directed to immediately post the new N360/$1 rate on electronic display boards in the banking halls of their branches, adding that examiners from the CBN would visit banks to ensure the new rates are implemented.
The CBN spokesmen said the Bank’s directive to all banks to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, while applications for school fees and medical bills are to be met within 48 hours of such application.
Okorafor warned that the new move, aimed at further easing access of genuine end-users to forex, prohibited banks from selling foreign exchange funds meant for invisibles to Bureau De Change.
He said that all banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.
He asked customers to report any erring bank to the CBN for investigation and appropriate sanction. [myad]
