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CBN Announces Dollar Sales Limits For Bureau De Change Operators, PTA, BTA Cap

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The Central Bank of Nigeria (CBN) has unveiled new foreign exchange (FX) sales limits for Bureau De Change (BDC) operators, setting a $4,000 cap for Personal Travel Allowance (PTA) and $5,000 for Business Travel Allowance (BTA).

This move, disclosed in the ‘Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,’ aims to streamline FX transactions and curb abuse in the market.

According to the directive, BDCs are permitted to sell foreign currency to individuals for PTA or BTA once every six months.

But for school fees, BDCs may sell foreign currency up to the equivalent of $10,000 to a customer once a year.

“Such fee, which shall be transferred from the BDC’s domiciliary account with a Nigerian bank, shall be paid directly to the school and supported by the following documents: duly completed e-Form A, evidence of admission/course programme, valid air ticket, and letter issued by the overseas specialist doctor stating the cost of treatment, and school bill/invoice,” CBN said.

“For post-graduate studies, photocopy of first degree certificate or its equivalent/certified true copy of statement of result by the awarding institution.

“The CBN may review the amounts and frequencies for sale of foreign exchange from time to time.”

To access the FX, customers must provide their Bank Verification Number (BVN) or Tax Identification Number (TIN), along with other required documentation such as a valid international passport, visa, and return ticket.

Also, the CBN stipulates specific requirements for BTA transactions, including a letter of request from the corporate body, business registration or incorporation certificate, and letters of invitation from overseas business partners.

These regulations aim to enhance transparency and accountability in FX transactions while ensuring that BDC operators adhere to strict compliance standards.

The CBN may periodically review these limits and guidelines to maintain stability and integrity in the foreign exchange market.

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Black Market Dollar To Naira Exchange Rate Today 3rd April 2024

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What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 2nd April

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1,280 and sell at N1,290 on Tuesday 2nd April 2024, according to sources at Bureau De Change (BDC).

How much is the Black market dollar to naira today, 3rd April 2024?.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Buying Rate N1,265
Selling Rate N1,275

You can swap your dollar for Naira at these rates

Please note edujobs.ng does not set or determine forex rates, the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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BREAKING: FG Approves New Electricity Tarrif

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The Nigerian Electricity Regulatory Commission, NERC, has given the go-ahead to raise the electricity rates for customers in the Band A category.

During a press briefing in Abuja on Wednesday, the Vice Chairman of NERC, Musliu Oseni, announced that there will be a rise in electricity tariffs. This adjustment will result in customers paying N225 per kilowatt-hour, up from the current rate of N66.

“We currently have 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 percent now qualify as Band-A feeders. These feeders only service 15 percent of total electricity customers connected to the feeders.

“The commission has issued an order which is titled April supplementary order and the commission allows a 235 kilowatt per hour.”

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Oluwo to Nigerins: Convert Dollars In Your Possession To Naira

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The Oluwo of Iwo, Oba Abdulrosheed Adewale Akanbi, has appealed to Nigerians to convert the dollars in their possession to Naira.

The Osun monarch who challenged Nigerians to demonstrate patriotism, blamed the exchange rate crisis on Nigerians hoarding the foreign currency.

Akanbi who made this call in a statement by his spokesman, Alli Ibraheem on Saturday, also disclosed that the availability of dollar in the market will reduce the exchange rate and ultimately checkmate inflation hitting hard on Nigerians.

Stating that dollar hoarders are part of those frustrating the economy, he asked them to be wary of posterity noting that most rich Nigerians are culpable.

He also appealed to them to save Nigeria by disposing dollars in their possession.

The statement reads, “I am appealing to Nigerians most especially the wealthy individual hoarding dollars to demonstrate patriotism by selling and convert foreign currency in their possession to Naira.

“Dollar hoarders have created artificial scarcity, thus leading to high exchange rate and ultimately lead to inflation.

“Pumping the hoarded dollars in circulation will lubricate our economy and decimate the hardship on innocent masses.

“As I speak, I have emptied my dollar account. We can only get there if we are ready to sacrifice by jettisoning selfish economic policies capable of suffocating our survival.

“Nigerians are equally enjoined to patronise made in Nigeria products. I have taken that lead among the traditional rulers. I was the first Nigerian monarch to buy a made in Nigeria Innoson vehicle. My wears most especially the ‘Ofi’ are hundred percent made in Nigeria. With public enlightenment on patronage of Nigerian goods, we can have a more prospering and friendly economy.”

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