The Central Bank of Nigeria (CBN) Monday directed banks to sell N360/$1 for invisibles, such as school fees, medical bills and travel allowances.
The apex bank said it would sell N357$1 to the banks and instructed them to post new rates in the banking halls of their branches immediately.
“CBN [is] to sell #FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” CBN said on Twitter.
It added that its examiners would visit banks to ensure the new rates are implemented, just as it prohibited banks from selling forex funds meant for invisibles to bureau de changes.
