CBN announces new foreign exchange policy

CBN, the Apex bank in Nigeria sequel to last Thursday’s directive by the National Economic Council (NEC) for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates, has released a new foreign exchange policy in the country with immediate effect.

Report has it that The apex bank , CBN said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for business travel, personal use, school fees, and medical needs, effective immediately.

The CBN said such retail transactions would be settled at a rate not exceeding 20 per cent above the interbank market rate.

Watch this space for more details soon…

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Sandra Chinedu

Chinedu Sandra is an Entrepreneur within the I.C.T space and loves blogging. She is on the Honour list of GEM, a World Bank Project for start-ups in Africa.

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