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Sunday, December 4, 2022

CBN Pegs weekly FX Rate for International Transfers between $1/N382 and $1/N386

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The Central Bank of Nigeria (CBN) in another circular released yesterday pegged the foreign exchange (FX) rate for disbursement of proceeds of international dollar (USD) transfers at between the ranges of N1/N382 and N1/N386 for different types of transfers.

The CBN in the circular addressed to all authorized dealers, Bureau De Change (BDCs) Operators and service providers on the FX rate said that:

“the applicable exchange rate for the disbursement of proceeds of IMTOs for the period Monday August 31 to Friday September 04, 2020 is as follows: international money transfers service operators (IMTSOs) to banks N382/$1, Banks to CBN N383/$1, CBN to BDCs N384/$1 and BDCs to end users, not more than N386/$1.”

The CBN said the rate for the British pound should be derived from the USD cross rates on the date of the sale.

The CBN is trying to stabilize the naira after a collapse in oil prices led to a devaluation earlier in the year. Investment firm United Capital said this week that the naira may come under renewed speculative attacks.

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