In a circular dated March 20, 2020, seen by BusinessDay, the Central Bank of Nigeria has pegged the exchange rate from International Money Transfer Services Operation (IMTSO to banks at N376 per dollar, from banks to CBN at N377/$, CBN to BDCs at N378/$ and BDCs to end- users not more than N380 per dollar.
The volume of sales for each market is $20,000.00 per BDCs. The circular signed by Nnaji O.S, director trade and exchange department said the applicable exchange rate for the disbursement of proceeds of IMTSOs is for the period of March 23 to March 27, 2020.
“Kindly note that the GBP rate should be derived from the dollar cross rate on the date of sale,” the circular stated.
