Nigeria’s currency will now trade at the rate of 380 to one American dollar.
This is according to the directive issued by the Central Bank of Nigeria (CBN) to banks and bureaux de change operators (BDCs) in the country.
In a memo signed by the director of CBN trade and exchange department,
O.S. Nnaji, the apex bank said the operators must not sell dollars higher than N380 to end users.
Before this announcement, dollar was purchased at the rate of N360, as adopted in 2016.
According to the memo, the International money transfer service operators (IMTSOs) will trade the dollar at a rate of N376 to banks, which will trade to the CBN at the rate of N377 per dollar.
The CBN will trade to bureaux de change operators at the rate of N378 per dollar, who will then trade to end-users at a rate of N380 per dollar.
The memo also mentioned that the volume of sale to each market is $20,000 per BDC.