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CBN Reduces Exchange Rate For Travel Allowances, School Fees To N360/$1

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By Ganiyat Ganiyu

Abuja, (An24) – The Central Bank of Nigeria, CBN, on Monday, March 27, introduced new Forex rates which reduced rates for school fees, medical bills and travel allowances to N360 per dollar.

The apex bank on Monday directed all commercial banks across the country to start selling at N360 per dollar to customers.

In a statement by the apex bank spokesperson, Isaac Okoroafor, all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get it at an exchange rate not more than N360 to 1 dollar.

The terse statement reads, “The CBN to sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” the apex bank said on Monday.

“CBN directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented.

“CBN prohibits banks from selling forex funds meant for invisibles to BDCs”

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