CBN rolls out new forex regulations

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As the battle to save the Naira from a free fall ensues, the Central Bank of Nigeria (CBN) has resumed a weekly rate regulation, with independent money transfer operations ordered to sell at N376/$1 to banks while end-users will get the USDollar at N380.

This forms part of the technical devaluation embarked upon by the CBN with effect from today.

A circular issued Friday to all banks and Bureau De Change (BDC) operators, signed by Dr O.S Nnaji, Director, Trade and Exchange Department, CBN, indicated that from Bureau De Change operators would sell the dollar to end-users at not more than N380 per dollar from Monday, March 23 to Friday, March 27, 2020, while the volume of sales of each BDC would not exceed USD20,000 for each market.

The circular also indicated that International Money Transfer Service Operators (IMTOs) would sell the dollar to the banks at N376/$1.

Banks are expected to sell to CBN at N377/$1, while the apex would exchange the dollar at N378/$1 to the BDCs.

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