Nigeria gives new directive on dollar acquisition
The Central bank of
Nigeria has announced a new policy in regards to foreign exchange and
its acquisition which is expected to take effect immediately.
According
to Premium Times, this new policy is coming after National Economic
Council’s directives issued on Thursday, February 16 that called for a
review of the widening gap between the inter-bank foreign exchange and
parallel market rates.
The apex bank 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 personal
and business travel, medical needs, and school fees, effective
immediately.”
Retail transactions would be settled at a rate that is not exceeding 20 per cent above the interbank market rate.
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