The Central Bank of Nigeria has announced an upward review of the Price Verification System from 2.5 per cent to 15 per cent.
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The bank stated in a memo titled ‘Important Update on FX’ and sent to customers on Thursday that processing of payment of school fees abroad will now take at least 60 days.
Senator Adetunmbi said the naira is projected to end at N1,000 by end of the year based on the current rate of depreciation.
The association maintained that BDCs are empowered to source FX from other sources and also to provide various services to members of the public.
