The Central Bank of Nigeria on Monday introduced new N360 per dollar as the new rate for invisibles, such as school fees, medical bills and travel allowances. This is as against N375.
“The CBN [is] to sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” the apex bank said on Monday. “CBN directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented.
“CBN prohibits banks from selling forex funds meant for invisibles to BDCs”