Just In: Central bank introduces new foreign exchange policy

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The Central Bank of Nigeria (CBN) has released a new foreign exchange policy.

In a statement on Monday, the CBN it would henceforth provide direct additional funding to banks.

The apex bank said this will ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions.

It said the needs of Nigerians for personal and business travel, medical needs, and school fees will be met.

The CBN said such retail transactions would be settled at a rate not exceeding 20 per cent above the interbank market rate.

This comes after the National Economic Council (NEC) called for immediate review to reduce the gap between inter-bank foreign exchange and parallel market rates.

Details later…

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