Business CBN Crashes Dollar Price to N360/$



The Central Bank of Nigeria, CBN, has ordered Nigerian banks to sell the dollar at a rate of N360 per unit to its customers with immediate effect.

The CBN itself is selling the greenback to the banks at N357 per dollar.

In a statement by CBN's Acting Director, Corporate Communications, Mr Isaac Okorafor, the apex bank said 100 million dollars had been offered to authorised FOREX dealers to meet the requests of genuine customers. He further said all banks had also been directed to immediately post the new rate on electronic display boards in the banking halls of their branches.

He said the new move is to ease access of dollar for genuine end-users of FOREX and also to prevent banks from selling foreign exchange funds meant for invisibles to Bureau De Change (BDC).


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