…Urges Commercial Banks on sells of FOREX to eligible travelers
By Christel Odili
The Central Bank of Nigeria (CBN) has made it mandatory for all the Bureau de Change (BDCs) operating in Nigeria to access Foreign Exchange from it thrice a week.
A statement from the CBN acting Director, Corporate Communications, Mr Isaac Okorafor, on Sunday indicated that the new directive would allow eligible travellers more access to foreign exchange and allow more liquidity to the market.
“All BDCs shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays.It is compulsory that all BDCs access forex at least three times weekly. Any BDC that fails to access the forex window at least three times weekly shall have its licence reviewed by the CBN,” Okorafor said.
According to Okorafor, the CBN has also authorised all commercial banks to buy and sell foreign exchange to travellers whether they operate an account in the said bank or not.
He said that the banks were mandated to do this once a customer or non-customer presents relevant, valid travel documents such as visa and travel ticket.
“All travellers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN,” he said.
The move according to him is “to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market” as well as to further firm the stability of the naira against other major foreign currencies of the world.
According to the CBN, it has supplied enough dollars to the banks to meet needs in the invisible segment.
Customers were enjoined to report any bank that refuses to attend to their legitimate demands within 24 hours.