The move is to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions.
The Acting Director of Corporate Communications of the Central Bank of Nigeria, ISAAC OKORAFOR, announced in a statement that the apex bank was providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees.
OKORAFOR said the CBN the CBN expects such retail transactions to be settled at a rate not exceeding twenty percent above the interbank market rate.
He said the Bank therefore encourages market participants to assist in ensuring that the new measures engender the preservation of Nigeria’s external reserves, stability of the financial system, and growth of the economy to the benefit of all Nigerians.
