by Dolapo Adelana
The Central Bank of Nigeria has reduced the exchange rate for travel allowances, medical allowances, and school fees from N370 to a dollar to N360 to a dollar.
The CBN will sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc.)
Recall that late February, the apex bank injected $180m into the foreign exchange market with $80m of that amount for personal demands like travel allowances, medical bills, school fees, etc.
Speaking on the injection of the amount, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, said, “In keeping with its determination to increase liquidity in the foreign exchange market, the Central Bank of Nigeria on Monday released another $100m into the wholesale forwards segment of the market and pumped an additional $80m into the banks specifically for the settlement of dollar demands for school fees, medicals and Personal Travel Allowance, among others.”