CBN pegs exchange rate to N360 to the dollar

CBN pegs exchange rate to N360 to the dollar

By Ignatius Eyah

Deposit money banks have been directed to to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar.

This order came from the Central bank of Nigeria (CBN) which also directed banks to immediately post the new rates in the banking halls of their branches

Announcing the new directive in Abuja on Monday, March 27 CBN’s spokesperson Isaac Okarafor, said all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get at an exchange rate not more than N360 to the dollar.

He said: “The CBN will sell to commercial banks at N357 per dollar. Banks are to post the new rates in their banking halls of their branches immediately,” . Mr Isaac Okarafor said the CBN would send examiners to banks to ensure the new rates are implemented, warning that banks are prohibited from selling forex meant for invisibles to bureau the change.

As the naira continues to appreciate, experts say it is necessary for the CBN to adjust applicable rates in different segments of the market in the overall interest of the economy. Many financial analysts are upbeat  about the possibility of  the naira value rising to about N350 against the dollar soon.

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