The Central Bank of Nigeria (CBN) has directed all banks to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar.
The announcement was made via CBN's Twitter handle on Monday.
The regulator said Nigerians can now get the dollar at N360 across all commercial banks within the country.
He therefore urged customers to report any erring bank refusing to sell at stipulated rates and conditions to the CBN for investigation and appropriate sanctions.
The CBN will send examiners to banks to ensure the new rates are implemented.
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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. Some of them claimed they bought dollars at N380.
These interventions contracted the quantity of money in circulation and triggered a hike in lending rates among banks, as they jostle for available cash to settle their bids.
Traders are optimistic that the national currency value could rise to about N350 against 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.
Mr. Okorafor warned that the new move by the CBN was aimed at further easing access to forex by genuine end-users, pointing out that banks were prohibited from selling foreign exchange funds meant for invisibles to Bureau De Change.