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CBN devalues Naira, directs on dollar sale rate

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The Central Bank of Nigeria (CBN) has downgraded the country’s Naira by N6 to Dollar.

The development gets the Naira value nearer to the exchange rate consolidation policy proposed by the International Monetary Fund (IMF) and the World Bank.

In the per week update for International Money Transfer Service Operators (IMTOs), Bureau De Change (BDC) Operators and Service Providers have been advised so as to add N6 across all rates.

The circular was authorized by CBN Director,  Trade & Exchange Department. O. S. Kanji.

The exchange rate for the distribution of IMTOs earnings takes effect from Monday, November 30 to Friday, December 4, 2020.

The Nigerian apex bank put IMTOs sale of the American foreign money to banks at N388 against the dollar.

The financial institution’s sale to CBN was stabilized at N389 to the dollar; CBN’s sale to BDCs will probably be N390 to the dollar.

All BDC operators to sell to end-users at no more than N392 to dollar.

Every Bureau De Change is allowed to buy $10,000 each week.

The apex financial institution additionally instructed that the Great Britain Pound (GBP) rate needs to be derived from the US Dollar throughout rate on the date of sale.

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