English>

Market News

CBN devalues Naira, fixes dollar sale at N392 - DAILY POST

NOVEMBER 28, 2020

By Wale Odunsi 

The Central Bank of Nigeria (CBN) has devalued the Naira by N6 to Dollar.

This brings the Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF) and the World Bank.

In a weekly update for International Money Transfer Service Operators (IMTOs), Bureau De Change (BDC) Operators and Service Providers were instructed to add N6 across all rates.

The circular was signed by O. S. Nnaji, CBN Director, Trade & Exchange Department.

The exchange rate for the disbursement of IMTOs proceeds is effective Monday, November 30 to Friday, December 4, 2020.

The CBN pegged IMTOs sale of the American currency to banks at N388 to dollar.

Banks sale to CBN was fixed at N389 to dollar; CBN sale to BDCs will be N390 to dollar.

All BDC operators to sell to end-users at not more than N392 to dollar.

Each Bureau De Change is entitled to buy $10,000 weekly.

The apex bank further directed that the Great Britain Pound (GBP) rate should be derived from the US Dollar across rate on the date of sale.

SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics