Business

Breaking news now: Central Bank of Nigeria has Crashed Dollar Rates! See the New Rates!

Breaking news now: Central Bank of Nigeria has Crashed Dollar Rates! See the New Rates!

The Central Bank of Nigeria (CBN) has directed all banks to immediately begin sale of dollars for Basic Travel Allowance (BTA), Personal Travel Allowance (PTA), Tuition and Medical fees to customers at a maximum of 360 Naira per dollar.

The Central Bank will sell to banks at 357 naira per dollar.

Banks will post these new rates in all banking halls of all branches immediately.
CBN will have inspectors ensure full compliance with these new rates by all banks.
Banks are prohibited from selling FX funds meant for invisibles to BDCs.

It will be recalled that just last week, the Dollar crashed to 390 naira per dollar on the parallel market for the first time since last year.