P
ProfRem
Guest
In a bid to sustain the tempo of foreign exchange (FX) supply to the interbank FX market and ensure improved dollar liquidity, the Central Bank of Nigeria (CBN) has been intervening at the substantially on the markets.
The Central Bank of Nigeria, CBN, had in February 2017, released a new foreign exchange policy in the country with immediate effect following directive by the National Economic Council, NEC, for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.
It had also said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.
The CBN Acting Director, Corporate Communications, Isaac Okorafor, had also said the bank remained resolute in ensuring that it supplies enough forex to genuine customers of Deposit Money Banks and increase liquidity in the market.
Here are the seven different exchange rates in Nigeria as at today:
1. the official rate - 305-306
2. the black market - 390-400
3. a rate for Muslim pilgrims going to Saudi Arabia - 190
4. a retail rate set by licensed exchange bureaus - 360
5. rate for foreign school fees, BTA and medicals abroad - 375 now at 360
6. Investors/Exporters – rate is open – market demand and supply will determine the rate
7. rate for Small and Medium Enterprises , SMEs - using form X - not specified.
The Central Bank of Nigeria, CBN, had in February 2017, released a new foreign exchange policy in the country with immediate effect following directive by the National Economic Council, NEC, for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.
It had also said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.
The CBN Acting Director, Corporate Communications, Isaac Okorafor, had also said the bank remained resolute in ensuring that it supplies enough forex to genuine customers of Deposit Money Banks and increase liquidity in the market.
Here are the seven different exchange rates in Nigeria as at today:
1. the official rate - 305-306
2. the black market - 390-400
3. a rate for Muslim pilgrims going to Saudi Arabia - 190
4. a retail rate set by licensed exchange bureaus - 360
5. rate for foreign school fees, BTA and medicals abroad - 375 now at 360
6. Investors/Exporters – rate is open – market demand and supply will determine the rate
7. rate for Small and Medium Enterprises , SMEs - using form X - not specified.