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BREAKING: Naira to trade at 386 per dollar as CBN resumes FX sales

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The Central Bank of Nigerian, CBN has issued a fresh set of guidelines regarding the sale of forex in the country.

The Apex bank announced on Thursday that it will resume forex sales to Bureau de Change operators as from August 31st 2020. According to a communique signed by O.S. Nnaji, director of trade/exchange department, CBN warned that BDCs must not exchange the naira at more than N386 per dollar.

“Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:

  1. IMTSOs to banks: N382/$1
  2. Banks to CBN: N383/$1
  3. CBN to BDCs: N384/$1
  4. BDCs to end-users: Not more than N386
  5. Volume of sale to each market is $10,000 per BDC.

“The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays. Banks shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket and visa).”

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