The Central Bank of Nigeria (CBN) on Friday adjusted the naira exchange rate to reflect market realities.
In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for November 30, 2020, obtained by THEBLAST NG, the apex bank directed authorized dealers, to adjust the exchange rate N6 to dollar.
The apex bank directed that IMTOs sale of dollar to banks at N388 to dollar, against previous rate of N382 to dollar; banks sale of dollar to CBN was pegged at N389 to dollar, as against previous rate of N383 to dollar.
The CBN sale of dollar to BDCs was set at N390 to dollar, as against previous rate of N384 to dollar. The BDCs are directed to sale to end-users at not more than N392 to dollar, as against previous rate of N386 to dollar.
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The policy authorizing each BDC to buy $10,000 weekly was left unchanged. CBN Director, Trade & Exchange Department, O.S Nnaji, said: “Please be advised that the applicable exchange rate for the disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for the period Monday November 30 to Friday December 4, 2020 is as follows”.
He added ‘Weekly Exchange Rate For Disbursement of Proceeds of International Money Transfer Service Operators’ pegged IMTOs sale of dollar to banks at N388 to dollar; banks sale of dollar to CBN at N389 to dollar and CBN sale of dollar to BDCs at N390 to dollar. The BDCs are now expected to sale to end-users at not more than N392 to dollar and each BDC is entitled to buy $10,000 weekly”.
The CBN circular also directed that the Great Britain Pounds (GBP) rate should should be derived from the US Dollar across rate on the date of sale.
 on Friday adjusted the naira exchange rate by N6 to every dollar. In a weekly exchange rate for){kind=link}