Central Bank of Nigeria Introduces New Foreign Exchange Rate for Invisibles

The Central Bank of Nigeria (CBN™) on Monday, March 27, 2017 introduced a new foreign exchange (FX™) rate of N360/US$1 as the rate at which commercial banks are to sell Dollars for invisibles (such as school fees, medical bills and travel allowances) to their customers. The CBN which hitherto sold FX for invisibles to commercial banks at the rate of N375/US$1 will now sell FX to commercial banks at the rate of N357/US$1. Also, commercial banks are prohibited from selling FX meant for invisibles to Bureau de Change operators.

The CBN further re-affirmed its earlier directive that commercial banks are to process and meet applications for travel allowances and school fees/medical bills within 24 hours and 48 hours respectively.


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