CBN gave the directive in a statement released on Monday.
The Central Bank of Nigeria (CBN) has said that the Naira will no longer trade for N375 per Dollar for invisibles (school fees, medical bills, and travel allowances).
"All banks had also been directed to immediately post the new N360 per dollar rate on their electronic display boards in the banking halls of their branches for easy monitoring of compliance", Mr. said.
A source at popular black market spot at Sheraton Hotels, Abuja who craved anonymity said: 'some rich men have started bringing their dollars for us to sell because the value has been going down.
The apex bank further stated that it would send examiners to banks to ensure the new rates are implemented, warning that all DMBs are prohibited from selling forex meant for invisibles to Bureau De change (BDCs).
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They also pointed out that renewed pressure on oil prices despite subsisting oil production cut agreement is an important anchor for spot exchange rate speculations.
In recent weeks, the apex bank has injected large sums into the foreign exchange market, with the effect that the naira has strengthened to N390/$1 in the parallel market.
But Okorafor reiterated the determination of the bank to sustain its current interventions in the market, adding that "those who doubt the capacity of the CBN to sustain the intervention in the foreign exchange market are beginning to have a change of mind".
The naira has in the past week seen a geometric appreciation following interventions by the central bank. Some of them claimed they bought dollars at N380.