By Nse Anthony-Uko,
ABUJA, (Sundiata Post) – The Central Bank of Nigeria (CBN) has crashed Dollar rate to N360 for Basic Transport Allowance (BTA), Personal Transport Allowance (PTA), Tuition and Medical fees with immediate effect.
Accordingly, the apex bank 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.
CBN Acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement, Monday said the apex bank will henceforth sell to banks at N357 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,” Okorafor said.
The CBN has been supplying dollars to BDCs for sale to customers in order to reduce the demand pressure on the Naira.
Last week, $280 million was offered both for forwards as well as to meet demands for invisibles such as medicals, school fees, basic and personal travel allowance.
Okorafor had assured that the banks had adequate supplies to meet genuine needs, while warning forex dealers against engaging in acts capable of disrupting the current smooth operations of the forex market, stressing that the CBN would penalise any organisation found guilty of bending the rules.
The dollar sales by the apex bank last week had crashed the value of the dollar at the parallel market as the naira firmed to N365 by weekend from N448 to the dollar which it opened last week Monday