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Forex: CBN disburses $221.37m for BTA, school fees, others

Forex: CBN disburses $221.37m for BTA, school fees, othersThe Central Bank of Nigeria, CBN, says it has sold $221.37 million to 16 banks through the interbank foreign exchange (forex) market.

The apex bank disclosed this in its Forex Forward Sales Report on the second wholesale intervention, obtained by the News Agency of Nigeria on Sunday in Abuja.

It said that the move was to enable the banks meet demand for Basic Transport Allowance (BTA), school fees and medicals by customers and to ease the stress of genuine customers in obtaining foreign currencies.

The bank said 10 banks accessed $162.8 million at a qualified bid for the United States dollars, ranging from N330 to N360 per dollar on a 30 days tenure, adding that it would mature on March 27.

“For the 60 days tenure, six banks qualified to access $58.52 million with bids for the United States dollars ranging from N315 to N320.5 per dollar meant to mature on March 25, 2017.

“CBN recently unveiled a new policy action to make forex readily available for personal and business travels, medicals and school fees.

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