The Central Bank of Nigeria on Monday 27th March introduced a new Forex Rates of N360/$1 for invisibles, such as school fees, medical bills and travel allowances, and will no longer trade it for 375 per dollar.
Nigerians can now get the dollar at N360 across all commercial banks within the country the CBN said
“The CBN [is] to sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),”
“CBN directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented.
“CBN prohibits banks from selling forex funds meant for invisibles to BDCs
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