IT’S OFFICIAL: Naira to now trade at N380/$

The Central Bank of Nigeria (CBN) has directed that bureaux de change operators in the country must not sell dollars higher than N380 to end users.

This is compared to the previous N360/$ exchange rate that was adopted in 2016.

This is contained in a memo signed by O.S. Nnaji, director of the apex bank’s trade and exchange department.

The memo was addressed to banks and bureau de change operators.

“Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, March 23 to Friday, March 27, 2020 is as follows:

• IMTSOs to banks: N376/$1
• Banks to CBN: N377/$1
• CBN to BDCs: N378/$1
• BDCs to end users: Not more than N380
• Volume of sale to each market is $20,000 per BDC.

“Kindly note that the GBP rate should be derived from USD cross rate on the date of the sale.’

TheCable had earlier reported on Friday that the federation accounts allocation committee adopted the N360/$ exchange rate.

It was also gathered that the CBN rate of N307/$ is and consessionary rates such as N325 and N330 were abolished.

In addition, all international oil companies would be required to sell their FX incomes to CBN at N360/$ as against the N325/$ they used to sell to the Nigerian National Petroleum Corporation (NNPC).

The CBN also unified the BDC segment rate with that of the investors and exporters window where the naira traded at N380/$ on Friday.

*IMTSOs: International money transfer service operators