Cbn Pegs Exchange Rate For School Fees, Medicals, Others At N360/$1

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CBN will also send examiners to banks to ensure the new rates are implemented.

Barring unforseen circumstances, the United States dollar is set to crash further this week as the Central Bank of Nigeria (CBN) plans yet another round of interventions in the interbank market.

The Central Bank of Nigeria, CBN, has ordered Nigerian banks to sell the dollar at a rate of N360 per unit to its customers with immediate effect.

"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 in the statement.

In terms of applications for school fees and medical bills, he said these are to be met within 48 hours of such application.

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Speaking at the weekend, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, confirmed the plan to inject more foreign exchange into the forex market in the weeks ahead.

Okorafor said the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market, adding that all banks have been given directives on this.

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

Meanwhile, the naira continues to appreciate against the dollar at the black market, selling at N375 to a dollar, N420 to a Pound Sterling and N405 to one Euro.

Specifically, while the banks had earlier made bids worth $91 million, CBN on its part offered $100 million and the lenders ended up picking $81.35 million, leaving about $18 million for the apex bank.