The Central Bank of Nigeria (CBN) has mandated all banks to process foreign exchange demand for Personal Travel Allowances (PTAs), Business Travel Allowances (BTAs), medicals and school fees at 360 Naira to the Dollar.
The CBN says banks will be receiving the foreign exchange at 357 to the Dollar from the regulator and should not sell the monies to Bureau de Change operators, but only to retail end users.
The banks were also ordered to display the new rate of 360 in all their branches and should expect CBN examiners who will move around to ensure compliance.
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