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Commercial banks in the country will no longer sell the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances, the Central Bank of Nigeria (CBN) declared on Monday.
According to CBN, Nigerians can now get the dollar at N360 across all commercial banks in the country, pointing out that it will send examiners to commercial banks across the country to ensure the new foreign exchange rates are duly implemented.
Already, CBN said it sold foreign exchange (forex) to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, among others).
,Also, the apex Banks has prohibited commercial Banks from selling FOREX funds meant for invisibles to BDCs.
Meanwhile, “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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