Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

CBN Crashes FOREX Rate for Invisibles to N360 to $1; Pumps $185m into FOREX Market

Forex
1812 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In
Proshare

Monday, March 27, 2017 3:23 PM/ CBN

The Central Bank of Nigeria (CBN) has released the sum of $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than N360/$1, for invisibles such as Basic Travel Allowance(BTAs), medicals, school fees, etc.

The Bank on Monday, March 27, 2017, also offered the sum of $100 million to authorized FOREX dealers in the interbank wholesale window to meet the requests of genuine wholesale customers.

Disclosing this on Monday, March 27, 2017, the Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, said the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market. 

Furthermore, he disclosed that all banks had also been directed to immediately post the new N360/$1 rate on electronic display boards in the banking halls of their branches, adding that examiners from the CBN would visit banks to ensure the new rates are implemented.

The CBN spokesmen also reiterated the Bank’s directive to all banks to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, while applications for school fees and medical bills are to be met within 48 hours of such application.

Okorafor warned that the new move, aimed at further easing access of genuine end-users to forex, prohibited banks from selling foreign exchange funds meant for invisibles to Bureau De Change.

Going forward, he reiterated that all banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.

He therefore urged customers to report any erring bank to the CBN for investigation and appropriate sanction.



Related News
1.      
CBN to Sell FOREX to Banks at N357 to $1

2.      Dealers Pick $81.3m Out Of $100m Offered By CBN

3.      CBN Offered Another $100m Despite Drop In Oil Prices

4.      Dollar drops below N400 to US$1 for first time in seven months

5.      CBN Lifts Supply with $180m…Invisibles Get $80m

6.      Forex: CBN Offers, Receives Bids For $100m

7.      FOREX: CBN Set To Inject More Dollars in The Market This Week

8.     CBN Sustains Forex Supply To Date

9.      CBN’s New FX Policy Shows A Change Of Heart? – Feb’17 Economic Update

10.  Nigeria - Cheapest Currency In Africa

11.   FOREX: CBN Injects $100m Into The Market

12.  CBN Issues Circular to All Authorized Dealers on Improved Foreign Exchange Liquidity

Related News