Chidi Samuel|
The Central Bank of Nigeria, (CBN), on Sunday directed all commercial banks in the country to immediately sell foreign exchange to any customer upon the presentation of relevant documentation whether the person is a customer or not.
Mr. Isaac Okoroafor, The Apex bank’s Ag Director, Corporate Communication, in a statement, said the bank would not hesitate to apply severe sanctions on any defaulting commercial institution.
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.
“All Deposit Money Banks (DMBs) 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,” Okoroafor said in the statement.
The statement also directed all BDC to access foreign exchange three times a week, Mondays, Wednesdays, and Fridays, through the FX window or have their licenses revoked.
“It is compulsory that all BDCs Access Currency at least three times weekly. Any BDC that fails to access the FX window at least three times weekly shall have their license reviewed by the CBN. Compliance is Compulsory,” he further stated.
CBN’s Full Statement
Sale of Forex to Travelers Over the counter
In order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market, the Central Bank of Nigeria (CBN) wishes to make the following release:
1. All Deposit Money Banks (DMBs) are mandated to buy and sell foreign exchange to travelers (both customers and non-customers) upon presentation of relevant, valid travel documents such as visa and ticket OVER THE COUNTER. All travelers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN.
2. 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.
Compliance is Compulsory.
Isaac Okorafor
Ag. Director, Corporate Communications