CBN crashes forex rate for PTA/BTA, others to N360/$1

…pumps additional $185m into market

 

The Central Bank of Nigeria (CBN) has released the sum of $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than N360/$1, for invisibles such as Basic Travel Allowance(BTAs), medicals and school fees, among others.

The apex bank yesterday also offered the sum of $100 million to authorised forex dealers in the interbank wholesale window to meet the requests of genuine wholesale customers.

Disclosing this, CBN’s Acting Director in charge of Corporate Communications, Isaac Okorafor, said the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market. Furthermore, he said that all banks had also been directed to immediately post the new N360/$1 rate on electronic display boards in the banking halls of their branches, adding that examiners from the CBN would visit banks to ensure the new rates are implemented.

The CBN spokesmen also reiterated the lender’s directive to all banks to process and meet the demand for Personal and Business Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, while applications for school fees and medical bills are to be met within 48 hours of such application.

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