CBN crashes dollar to N360 for PTA, BTA, Tuition, Medical Fees

 

 

THE Central Bank of Nigeria (CBN) has directed all banks to immediately begin sale of foreign exchange for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar.
The apex bank had in February 16, 2017 announced a new directive on foreign exchange policy in the country.
The new policy was sequel to by the National Economic Council (NEC), for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.
Acting Director, Corporate Communications, Mr Isaac Okorafor in a statement on Monday, noted that “CBN will sell to banks at N357 per dollar. Banks are to post the new rates in the banking halls of their branches immediately.”
He stressed that, CBN will send examiners to banks to ensure the new rates are implemented. Banks are prohibited from selling FX funds meant for invisibles to BDCs, he said.
Naira had on Friday firmed to N385 per dollar on the black market, up 2.6 percent from its previous session and near the central bank’s rate for consumers, traders said.
The central bank said in an emailed statement it received bids for $81 million from authorised dealers on Friday after it offered to sell $100 million in currency forwards on Thursday.
The bank has been intervening on the official market to try to narrow the currency spread with the black market rate, which was 520 to the dollar a month ago after it devalued the naira for retail customers to N375.
On the official interbank market, the currency was quoted at N307 on Friday.