CBN fixes upper limit for dollars sales at N360

The Central Bank of Nigeria (CBN), has directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar.
The apex bank on Monday through its spokesperson, Mr. 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.
“The CBN will sell to commercial banks at N357 per dollar,” Okorafor said. “Banks are to post the new rates in their banking halls of their branches immediately.”
He further revealed that CBN would begin sending 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.
Last week, inter-bank market transactions ended on a high, with Naira closing at about N375 to the dollar on Wednesday.
Traders were optimistic that the national currency value could rise to about N350 against the dollar.