The CBN has a new exchange rate. This time its for schools and Personal Travel Allowance aka PTA.
So in essence once you have a passport and a ticket for a flight not less than five hours, you will be sold $4,000 By the CBN at N375. so i have a few tips. if your travelling
- Borrow or take N1.5m from your savings.
- Buy $4,000 from CBN at N375 to $1
- Travel
- Return take your $4,000 to black market, sell for N500
- You make N500,000
This shows the sheer idiocy of this foreign exchange policy. We have close to 6 different exchange rates in one nation. That N500,000 profit is made of the sheer incompetence of the Foreign Exchange regime.
No economy can survive with foreign currency arbitrage of over N200.00, as evidence look at Venezuela
