Sequel to last Thursday’s directive by the National Economic Council, the Central Bank of Nigeria, CBN, has released a new guidelines on foreign exchange in the country with immediate effect.

The development is to check the gulf between the inter-bank foreign exchange and parallel market rates.
The apex bank said in order to cushion the challenges encountered by Nigerians in obtaining funds for foreign exchange transactions, it would now be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective with Immediate effect.
The CBN said the retail transactions being undertaken would be settled at a rate not exceeding 20 per cent above the interbank market rate.