THE Central Bank of Nigeria, CBN, has announced new exchange rate for the naira. Accordingly, the new exchange rate is now N380 to one dollar. As a result, the apex has directed that the bureaux de change operators in the country must not sell dollars higher than N380 to the end users.
The directive was contained in a memo signed by O.S. Nnaji, director, trade and exchange department, CBN. The memo was addressed to banks and bureau de change operators. “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, March 23 to Friday, March 27, 2020 is as follows: IMTSOs to banks: N376/$1; Banks to CBN: N377/$1; CBN to BDCs: N378/$1; BDCs to end users: Not more than N380 and Volume of sale to each market is $20,000 per BDC.
“Kindly note that the GBP rate should be derived from USD cross rate on the date of the sale,” it stated.
– Mar. 21, 2020 @ 15:48 GMT |