Commercial banks sell U.S dollars at N412

Written by on August 3, 2021

Nigerian banks on Monday sold the U.S dollars at N412 to Nigerians, a check by Ripples Nigeria has shown.

While on the street, currency traders price the Dollar at N512/$. Indicating a difference of N100

Recall that the Central Bank of Nigeria (CBN) had last week stopped sales of FX through Bureau de Change Operators and announced that it will only deal with commercial banks.

CBN governor, Godwin Emefiele, also described BDCs as a conduit for illicit forex flows and graft.

BDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions, namely personal travel allowance, business travel allowance, payment of medical and school fees.

These services commercial banks have taken by setting up teller points for customers in their branches.

The banks are giving Intending traveling customers 4,000 dollars per quarter for personal travels and 5,000 dollars per quarter for business travels.

BDC operators are defiant that it will remain relevant in the market while assuring Nigerians that their service remains unchanged.

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