The Central Bank of Nigeria (CBN) on Monday announced that Nigerians can now buy dollar at N360 from commercial banks across the country.
The new rate applies to invisibles such as school fees, medical bills and travelling allowances.
Announcing the directive via their Twitter page, they wrote:
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)
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.