The new policy is sequel to Thursday’s directive by the National Economic Council, NEC, chaired the Acting President Yemi Osinbajo, for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.
The CBN said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.
The CBN said such retail transactions would be settled at a rate not exceeding 20 percent above the interbank market rate.
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