CBN directs banks to sell dollar for invisible transactions at N360 per dollar

The Central Bank of Nigeria, CBN, yesterday, directed banks to sell dollars for invisible transactions such as personal travel allowance, business travel allowance, school fees and others at N360 per dollar.

The apex bank released  $85 million for sale to banks  N 357/$1 for onward sale to retail end-users at not more than N360/$ for  invisibles. The bank also offered $100 million to authorized foreign exchange dealers in the interbank wholesale window to meet the requests of genuine wholesale customers.

CBN Acting Director Corporate Communication Dept, Mr. Isaac Okoroafor, said that while the CBN will sell dollars to the banks for invisibles at N357 per dollar, the banks have been directed not to sell above N360 per dollar.

Source: Vanguard