P
ProfRem
Guest
Central Bank of Nigeria on Monday shocked Nigerians and businesses over sudden change in foreign exchange rules.
The naira on Monday slumped to 520 per dollar at the parallel market as pressure keeps mounting on dollar scarcity.
Nigerian Bulletin take a look by identifying the three possible gainers from the CBN’s latest rules:
1. Nigerian Travellers – Nigerian travelling abroad can now access forex without hitch and at a rate of 376 to the dollar as Banks will now open shops at major airports across the country.
2. Commercial Banks - They will receive FOREX to be sold to customers commensurate with their demand per week.
Nigerian Banks are also expected to open FOREX retail outlets at major airports to ease travelers’ burden and ensure settlement on transactions;
3. Foreign Students - The needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. Such payments must be made by commercial banks directly to the institution specified by the customer.
The CBN said it would ensure that the process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand.
The naira on Monday slumped to 520 per dollar at the parallel market as pressure keeps mounting on dollar scarcity.
Nigerian Bulletin take a look by identifying the three possible gainers from the CBN’s latest rules:
1. Nigerian Travellers – Nigerian travelling abroad can now access forex without hitch and at a rate of 376 to the dollar as Banks will now open shops at major airports across the country.
2. Commercial Banks - They will receive FOREX to be sold to customers commensurate with their demand per week.
Nigerian Banks are also expected to open FOREX retail outlets at major airports to ease travelers’ burden and ensure settlement on transactions;
3. Foreign Students - The needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. Such payments must be made by commercial banks directly to the institution specified by the customer.
The CBN said it would ensure that the process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand.