Diaspora Opportunities

The Central Bank of Nigeria last week intervened into the Forex Market in Nigeria through the Interbank foreign exchange market. Ten banks got $162.8m on a rate of N330 to N360 per dollar on a 30 days tenor.6 banks got $58.52m dollars on a ratio of N315 to N320.50 per dollar for a tenor of 60 days. The CBN interverntion will enable forex readily available for personal and business travels,medicals,and school fees. Furthermore CBN injected $370.9m through forward sales at a qualified bid ranging from N315 to N360 per dollar.It made spot sales of $6m to 4 banks and sold $35m for payment of school fees, medicals and BTA.These measures brought down the price of dollars from a high of N520 to N460 as of Friday

In line with its determination to boost dollar supply in the economy as well as to bridge the wide gap between the interbank foreign exchange (FX) market and the parallel market, the Central Bank of Nigeria (CBN) yesterday pegged the Naira exchange rate for payment of school fees (strictly universities) abroad and Personal Travel Allowance (PTA) at N375 to the dollar. The central bank disclosed this in a closed-door meeting it held with all chief executive officers of commercial banks as well as other authorised FX dealers in attendance. The meeting took place in Lagos. A source who was at the meeting said the new rate for school fees and PTA would become effective from Monday. According to the source, the CBN Governor, Mr. Godwin Emefiele who chaired the meeting, assured that the central bank would provide enough dollars to meet all FX demands for these invisible items. “For tuition fees, the CBN said it would only cater for those in the universities and the persons involved can onl...