CBN Crashes Dollars; To Sell To Consumers At N360

Naira Gains Against Dollar

CBN gave the directive in a statement released on Monday.

The Central Bank of Nigeria, on Monday, has directed banks to sell dollars at N360.

In recent weeks, the apex bank has injected large sums into the foreign exchange market, with the effect that the naira has strengthened to N390/$1 in the parallel market.

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"The CBN will sell to commercial banks at N357 per dollar", Mr. Okoroafor said.

"All customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get at an exchange rate not more than N360 to the dollar".

Despite the development, analysts at Afrinvest Securities Limited, said the conditions are now right for CBN to open up the interbank market, considering the renewed interest to close long dollar positions by both individuals and corporates, through further adjustment in the interbank rate.

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The 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.

It will be recalled that during the last intervention of the CBN in the interbank forex market, authorized dealers were only able to pick up about $82 million out of the $100 million offered by the CBN.

However, there were indications at the weekend that the apex bank planned to pump in more foreign exchange into the interbank space to meet the demands of genuine wholesale and retail customers as well as strengthen the value of the naira against other worldwide currencies.

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