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CBN drops exchange rate to N360/ $1

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The Central Bank of Nigeria this morning (Monday, March 27, 2017, dropped the exchange rate to N360/ $1, and directed banks not to sell above it travellers and other genuine end users.

CBN statement reads:

“The 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 directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented.

“CBN prohibits banks from selling forex funds meant for invisibles to BDCs”

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