Naira To Now Trade At 392/$ As CBN Issues New Directive

The Central Bank of Nigeria (CBN) has pegged exchange rate between Naira and Dollar at the parallel market to 392/$

The apex Bank directed bureau de change operators in the country not to sell dollars higher than N392 to end users.

The directive is contained in a circular signed by O.S. Nnaji, director of trade and exchange at the CBN.

In the circular dated November 30, 2020, the apex bank said the volume of sales for each market is $10,000 per bureau de change (BDC).

“Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30 to Friday, December 14, 2020, is as follows: International money transfer service operators (IMTSOs) to banks – N388/$1; Banks to CBN – N399/$1; CBN to BDCs – N390/$1; BDCs to end-users not more than N392/$1,” the circular read.

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