The Central Bank of Nigeria has
instructed for the immediate implementation of dollar buying rate for invisible
transactions at ₦360/dollar without any further charge nor commission. This
means that FOREX transactions such as school fees, medical bills and
travelling allowance should now be accessed at ₦360/dollar without any further
charge.
Before this announcement yesterday, banks have been charging commissions on FOREX bought by customers for invisible transactions. This decision was made at the end of the first Bankers’ Committee meeting of 2018. This committee which comprises of banking industry regulators and Chief Executives of banks all agreed to scrap the commissions being charged by banks and also called on customers to report any bank that sells above the rate of ₦360/dollar or imposes charge or commissions for FOREX sales.
According to the report on
vanguardngr.com, The Managing Director/ Chief Executive, FSDH Merchant Bank,
Mrs. Hamda Ambah disclosed this during a press conference at the end of the
Committee’s meeting held in Lagos yesterday. She said: “It was agreed that the
foreign exchange that banks sell to their clients for PTA, BTA, school fees and
medical bills, that henceforth, all banks should charge N360 per
dollar and there would be no commission or whatsoever charged by
the banks for such sales. We want to make sure that this is uniform across all
banks. Customers should report any bank that goes outside of this. “It has actually
been N360 for a while, but some banks in addition were charging commission. The
banks buy at ₦357 from the CBN’’.
Banks purchase dollars from CBN
at ₦357/dollar and should sell at the maximum rate of ₦360/dollar. However,
members of Bureau De Change (BDC) will access dollars from CBN at ₦360/dollar
and allowed to sell at between ₦362 and ₦363 per dollar by so doing, people
will be encouraged to purchase from the banks.
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