CBN sells dollar for PTA, schools fees at N360

The Central Bank of Nigeria has directed all Deposit Money Banks to provide foreign exchange for customers requesting it for Personal or Business Travel Allowance, and payment of school fees and medicals at a rate of N360 per dollar.

It also directed banks to immediately post the new rate on electronic display boards in the banking halls of their branches, adding that examiners from the CBN would visit banks to ensure the new rates were implemented.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, who confirmed the development, reiterated the apex bank’s directive to the DMBs to process and meet demand for forex by end-users within 24 hours of such application. In terms of applications for school fees and medical bills, he said these were to be met within 48 hours of such application.