The Central Bank of Nigeria (CBN) has said that the Naira will no longer trade for N375 per Dollar for invisibles (school fees, medical bills, and travel allowances).
The CBN says banks will be receiving the foreign exchange at 357 to the Dollar from the regulator and should not sell the monies to Bureau de Change operators, but only to retail end users.
The announcement was made via CBN's Twitter handle on Monday.
With the exchange rate projected to fall to N350 against the dollar in the coming weeks, the fear is that the CBN may scuttle the recent progress with overly optimistic policies.
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To meet requests from customers for foreign exchange following its decision on Monday to set the upper limit of the exchange rate, the Central Bank of Nigeria, CBN, has released $85 million to banks for sale to customers.
"Banks are to post the new rates in the banking halls of their branches immediately".
They also pointed out that renewed pressure on oil prices despite subsisting oil production cut agreement is an important anchor for spot exchange rate speculations. This means that Nigerians across the country can now get the dollar at 360 in comparison to N500 it sold for in the unofficial markets earlier this month. "So they're bringing the dollars out because the value is dropping", he said. Banks are prohibited from selling FX funds meant for invisibles to BDCs.
Daily Sun findings reveal that most forex hoarders who hitherto calculated that the apex bank's interventions were not sustainable have continued to record heavy losses with the latest interventions in February.