The Central Bank of Nigeria (CBN) has ordered licensed Bureau De Change operators to sell dollars to customers at the rate not higher than N386/ $1.
The Apex bank in a circular signed by Director of Tade and Exchange Department, O. S. Nnaji said it will resume weekly forex sales to Bureau de Change operators from August 31.
The apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced.
Providing a breakdown of the rates, the CBN said: “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:
IMTSOs to banks: N382/$1
Banks to CBN: N383/$1
CBN to BDCs: N384/$1
BDCs to end-users: Not more than N386
Volume of sale to each market is $10,000 per BDC.
The apex bank said FX sales to BDCs will hold on Mondays and Wednesdays in the first instance.
The circular reads, “The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays .
“Banks shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket and visa).”
DISCLAIMER : Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers of ElombahNews!
Would you like to be receiving ALL Elombah.com links ‘On The Go’ on WhatsApp Or Telegram? If yes, join us here on WhatsApp or Telegram, or provide us your Telephone number via firstname.lastname@example.org or sms/inbox +2349050382526 and you are good to go!
DOWNLOAD The ElombahNews (Elombah.com) Mobile App Here
Send eyewitness accounts/ reports/ articles to email@example.com; follow us on twitter @ElombahNews; like our Facebook page: ElombahNews
For adverts & inquiries, call +447460770987, +2349050382526
You may be interested
NCPF Demands Establishment Of Development Commissionadmin - October 26, 2020
BY ISAIAH BENJAMIN, Kaduna The North Central People’s Forum (NCPF) is asking the federalGovernment to consider the establishment of the…
Fake Drugs: NAFDAC Blacklists Indian Firm, Delists Pinnacle’s Ciprofloxacin 500mgadmin - October 26, 2020
BY PATIENCE IVIE IHEJIRIKA, Abuja The National Agency for Food and Drug Administration and Control (NAFDAC) has blacklisted Mars Remedies…
NECO Postpones Ongoing Internal SSCE Exams Indefinitelyadmin - October 26, 2020
By Abu Nmodu Minna The Governing Board of the National Examinations Council (NECO) at itsSpecial Meeting has postponed indefinitely the…