Nigeria central bank will sell dollars to private individuals at 360 naira per dollar, it said in a tweet on Monday.
The bank has been intervening on the official currency market to try to narrow the spread with the black market rate, which was 520 to the dollar a month ago after it devalued the naira for retail customers to 375. The naira traded at 315 on the official market on Monday.
The Central Bank of Nigeria (CBN) has directed all banks to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar.
The CBN said it will sell to banks at 357 naira per dollar. Banks are to post the new rates in the banking halls of their branches immediately.
CBN will also send examiners to banks to ensure the new rates are implemented. Banks are prohibited from selling FX funds meant for invisibles to BDCs.