FOREX FOR BTA,TUITION AND MEDICAL FEES PEGGED AT ₦360 TO $1

The Central Bank of Nigeria, CBN has directed banks to immediately begin the sale of the foreign exchange for Basic Travel Allowance, BTA, tuition and medical fees to customers at a pegged amount of not above three hundred and sixty naira to a dollar. In a statement by the Acting Director Corporate Communications Department of the CBN, Mr. Isaac Okoroafor, the apex bank says it will sell to banks at three hundred and fifty-seven naira to a dollar.

The statement says the CBN is to send examiners to banks to ensure that the new rates are implemented. The CBN in the statement also warned banks from selling foreign exchange funds meant for BTA allowances and tuition fees to Bureau de Change operators.