Emmanuel Thomas l Monday, March 27, 2017
IKEJA, Lagos, Nigeria – The Central Bank of Nigeria, CBN has devalued the Nigerian Naira against the U.S Dollars. In a statement, the apex bank said it will now sell U.S $1 for 357 to banks.
It also directed the banks to now sell Dollars to customers looking for Basic Travel Allowance, BTA, fees and medicals, known as invisibles at N360 to $1.
The apex bank also directed banks to post the new rates with immediate effect in the banking halls of all their branches.
It added that bank examiners will now be heading to banks to ensure that the new rates are implemented. It however prohibits banks from selling forex classified as invisibles to Bureau De Change operators, BDCs.
