CBN pegs Dollar rate at $360 for commercial banks

The Central Bank of Nigeria (CBN) on Monday said 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.

"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" the apex bank said via its twitter page on monday.