CBN to visit banks to ensure new Forex rates are implemented

central bank of nigeria2 - CBN to visit banks to ensure new Forex rates are implemented

The central bank of Nigeria (CBN) as revealed that they are going to send examiners to commercial banks across the Federation so as to ensure the new foreign exchange rates are duly implemented by the banks.

As you can recall, the Central Bank of Nigeria sold FOREX to banks at N357/$1, while banks will re-sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc).

CBN prohibits banks from selling FOREX funds meant for invisibles to BDCs. The apex bank also directed commercial banks to post new rates in the banking halls of all their branches nationwide immediately.

The naira has in the past week seen a geometric appreciation following interventions by the central bank. The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week. And was exchanged at the close of today, Monday 27th March 2017 at N385 Naira to 1 US Dollar in the Black market.

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While the Naira appreciated, the leader of bureau de change operators in Nigeria said his members lost N130 million due to the mode of Central Bank’s intervention in the past week.

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