Breaking: CBN crashes rate of Dollar for medicals, school fees, BTA, PTA, others

The Central Bank of Nigeria has further crashed the rate at which Banks should sell Dollar for invisibles.
Among the invisibles for which the Dollar is to be sold at the Bank include school fees, Basic Travel Allowance, Personal Travel Allowance and medicals.
According to the CBN, Banks are now to sell at not more than N360 per dollar to the end users.
The CBN’s Acting Director, Corporate Communications, Isaac Okorafor, confirmed this.
Okorafor said on Monday: “CBN will sell to banks at 357 naira per dollar.
“Banks are to post the new rates in the banking halls of their branches immediately.
“CBN will send examiners to banks to ensure the new rates are implemented.
“Banks are prohibited from selling FX funds meant for invisibles to BDCs.”
Before now, the Banks were selling at N375 per dollar on invisible transactions.