CBN Adjusts Forex Policy Again, Orders Banks To Reduce Naira-Dollar Rate

Central Bank of Nigeria, CBN, on Monday ordered commercial banks in the country to immediately lower naira to dollar rate from 370 to 360 for sale of BTA, PTAs , medicals and schools.

Channel's Television Business editor, Boason Omafaye said the CBN also informed Customers to report erring banks immediately over new rate of 360 per dollar while the 24 hours and 48 hours widown remain.

Mr. Omofaye said circular to that effect will be issued soon.

Recall that the Central Bank of Nigeria (CBN) had on February 20 on order of the resolution of National Economic Council, NEC, to immediately review to stem the widening gap between the inter-bank foreign exchange and parallel market rates pegged Naira rate for personal and business travel, medical needs, and school fees, at 370 – 375 to a dollar.

Source: nigerianbulletin.com