CBN Crashes Dollar To N360

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The Central Bank of Nigeria (CBN) has issued a directive to all banks, to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at N360 per dollar.

The CBN said it will sell to banks at 357 naira per dollar. Banks are to post the new rates in the banking halls of their branches immediately.

CBN will also send examiners to banks to ensure the new rates are implemented. Banks are prohibited from selling FX funds meant for invisibles to BDCs.

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