Central Bank of Nigeria To Sell Dollars To Exchange Bureaus At 362 Naira
The of the Bureau association made it known yesterday that the Central Bank of Nigeria (CBN) has set a new naira rate of 1 USD to 362 NGN for the country’s retail exchange bureaus to sell dollars to consumers.
Nigeria currently has at least five exchange rates — the official one, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by exchange bureaus and a rate for foreign travel, school and medical fees.
Yesterday which was Tuesday 28 March 2017 the Naira made massive gain against the US dollar as it closed at 1 USD to 370 NGN.
It is believed by FOREX analyst that if the CBN continues to flood the market with dollars then the exchange rate would continue to go down.