The Central Bank of Nigeria (CBN) has directed all banks to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar.
According to a release from Saac Okorafor, CBNs spokesman, the Apex bank 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 send examiners to banks to ensure the new rates are implemented. Banks are prohibited from selling FX funds meant for invisibles to BDCs.