Home > BANKING > Breaking: Central Bank Of Nigeria Announces New Foreign Exchange Policy

Breaking: Central Bank Of Nigeria Announces New Foreign Exchange Policy

-Anietie Udobit, Abuja

The Central Bank of Nigeria, CBN, has released a new foreign exchange policy in the country with immediate effect.

The new policy is sequel to last Thursday’s directive by the National Economic Council, NEC, for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.

The CBN said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.

You Can Not Miss To Read This:  A Russian air strike in Syria killed the chief strategist of IS, Abu Muhammad al-Adnani

The CBN said such retail transactions would be settled at a rate not exceeding 20 per cent above the interbank market rate.

Details later …

Share Button

Leave a Reply

Your email address will not be published. Required fields are marked *