IT’S OFFICIAL: Naira To Now Trade At N380/$ - Business - Nairaland
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| IT’S OFFICIAL: Naira To Now Trade At N380/$ by omophunky(m): 11:28pm On Mar 20, 2020 |
The Central Bank of Nigeria (CBN) has directed that bureaux de change operators in the country must not sell dollars higher than N380 to end users. This is compared to the previous N360/$ exchange rate that was adopted in 2016. This is contained in a memo signed by O.S. Nnaji, director of the apex bank’s trade and exchange department. The memo was addressed to banks and bureau de change operators. “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, March 23 to Friday, March 27, 2020 is as follows: IMTSOs to banks: N376/$1Banks to CBN: N377/$1CBN to BDCs: N378/$1BDCs to end users: Not more than N380Volume of sale to each market is $20,000 per BDC. “Kindly note that the GBP rate should be derived from USD cross rate on the date of the sale.’ TheCable had earlier reported on Friday that the federation accounts allocation committee adopted the N360/$ exchange rate. It was also gathered that the CBN rate of N307/$ is and consessionary rates such as N325 and N330 were abolished. In addition, all international oil companies would be required to sell their FX incomes to CBN at N360/$ as against the N325/$ they used to sell to the Nigerian National Petroleum Corporation (NNPC). The CBN also unified the BDC segment rate with that of the investors and exporters window where the naira traded at N380/$ on Friday. *IMTSOs: International money transfer service operators https://www.thecable.ng/breaking-for-second-time-four-years-cbn-adjusts-naira-n380
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| Re: IT’S OFFICIAL: Naira To Now Trade At N380/$ by xcabczyxabczzzz: 11:30pm On Mar 20, 2020 |
The US economy is crashing, why is the currency still appreciating over here. 2 Likes |
| Re: IT’S OFFICIAL: Naira To Now Trade At N380/$ by polimaf(m): 11:35pm On Mar 20, 2020 |
xcabczyxabczzzz:I tire o |
| Re: IT’S OFFICIAL: Naira To Now Trade At N380/$ by teemy(m): 11:59pm On Mar 20, 2020 |
xcabczyxabczzzz:Ours is crashing fast. It us just that we don't know it yet. Our major source of income and sales expectations in budget funding has crashed. The price has dropped to about half and we don't even have enough buyers. Which other income source is available? The agriculture that has been victimized, the exports that has not been as high as it should bedye to lateness into the global arena or the taxes that will increase hardships in some quarters? Recession is no more knocking, it has moved in as a co-tenant. On the other hand, the silver lining is to start that online freelance job you've been procrastinating on for so long. Better dollar rates  |
| Re: IT’S OFFICIAL: Naira To Now Trade At N380/$ by rexericx(m): 12:58am On Mar 21, 2020 |
It's well |
| Re: IT’S OFFICIAL: Naira To Now Trade At N380/$ by Nobody: 1:26am On Mar 21, 2020 |
We have been expecting it. |
| Re: IT’S OFFICIAL: Naira To Now Trade At N380/$ by Mizik(m): 3:36pm On Sep 19, 2021 |
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