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BANKING & FINANCEFOREXNEWSLETTER

CBN Authorizes Over-the-Counter Forex Sales to Banks’ Customers

Nigeria's Forex

The Central Bank of Nigeria (CBN) has directed banks to commence over-the-counter foreign exchange sales to customers.

A statement Saturday night by the apex bank’s Acting Director, Corporate Communications, Isaac Okoroafor, stated that in a bid to ensure that eligible travelers are able to access foreign currency and make liquidity available in the market, the CBN had issued the following instructions to banks:

“All Deposit Money Banks are mandated to buy and sell foreign currency to travelers (both customers and non-customers) upon presentation of relevant valid travel documents such as visa and tickets over the counter. All travelers shall be attended to immediately at the bank’s counters. Any contravention will be sanctioned by the CBN.

“All Bureaux de Change (BDCs) shall henceforth access dollars from the CBN on Monday’s, Wednesdays and Fridays. It is compulsory that all BDCs access currency at least three times weekly.”

The statement warned that BDCs that failed to access the FX window at least three times weekly would have their licenses reviewed by the CBN – emphasizing that compliance with the new directive was compulsory.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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