CBN devalues Naira by N6, directs Dollar sale at N392

Alexander Davis | ConsumerConnect

As part of the apex bank’s measures to unify the Foreign Exchange (Forex) policy, the Central Bank of Nigeria (CBN) has devalued the Naira by N6 to a US Dollar.

This measure is said to have inched the country’s Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF) and World Bank respectively.

The Bankers’ Bank in a weekly update instructed the International Money Transfer Service Operators (IMTOs), Bureau De Change (BDC) operators and Service Providers to add N6 across all rates.

Mr. O. S. Nnaji, Director of Trade and Exchange Department of the CBN, endorsed the circular communicating the directive to the Forex stakeholders in the country.

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

Meanwhile, the apex bank has pegged IMTOs sale of the American currency to banks at N388 to Dollar, while banks sale to CBN was fixed at N389 to Dollar but the CBN sale to BDCs will be N390 to Dollar.

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

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

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

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