According to Premium Times, this new policy is coming after National Economic Council’s directives issued on Thursday, February 16 that called for a review of the widening gap between the inter-bank foreign exchange and parallel market rate.
The apex bank said “in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.”
Retail transactions would be settled at a rate that is not exceeding 20 per cent above the interbank market rate.
