The Central Bank of Nigeria (CBN) has directed all banks to immediately begin sale of foreign exchange (forex) for Basic Travel Allowance (BTA), Personal Travel Allowance (PTA), Tuition and Medical fees to customers at not more than N360 per dollar.
A statement by the Acting Director of Corporate Communication (CBN) Mr Isaac Okoroafor said that the apex bank will sell to banks at N357 per dollar.
It stated that 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 Frex funds meant for invisibles to Bureau De Changes (BDCs).
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