title | Chronicle NG

Naira appreciates to N400 per dollar — CBN says will trade the dollar at N360 to individuals

The Central Bank of Nigeria has stated that it will sell the dollars to individuals at N360 per dollar, while banks will buy at N357 per dollar.

In a series of tweets on its official account, CBN said banks have been directed to post new rates in the banking halls of their branches immediately.

The apex bank said it will begin immediate monitoring of the new rates in commercial banks. “CBN examiners to visit banks to ensure the new rates are implemented,” it said on Twitter.

CBN said that banks who sell to Bureau De Change’s will be disciplined. “CBN prohibits banks from selling FOREX funds meant for invisibles to BDCs.”

The apex bank has been intervening on the official currency market to try to narrow the spread with the black market rate, which was 520 to the dollar a month ago after it devalued the naira for retail customers to 375.

The naira traded at 315 on the official market on Monday.

Meanwhile, Nigerian Bureau de Changes (BDCs) have incurred forex losses from dollars sourced via the central bank after the value of the naira on the black market rallied following interventions on the official market, the bureaus’ head said on Monday.

Bureaux de Change operators sold dollars bought from the central bank to individuals at 399 naira per dollar, while the black market naira firmed to 390 last week, Aminu Gwadabe told Reuters.

Gwadabe said retail operators had incurred a foreign currency loss of 130 million naira based on the rate differential after the central bank sold $25 million to his members last week.

1. #CBN to sell #FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc)
— Central Bank Nigeria (@cenbank) March 27, 2017