CBN Mandates Banks To Sale Forex To Travelers

- Says BDCs To Access Forex 3 Times Weekly

The Central Bank of Nigeria has mandated all Deposit Money Banks (DMBs) to buy and sell foreign exchange to travelers, both customers and non-customers.

The CBN gave the directive in a statement on Sunday, issued by Isaac Okorafor, it’s Acting Director in charge of Corporate Communications.

Advertisement

According to the statement, all DMBs are to sale forex to travellers upon the “presentation of relevant, valid travel documents”.

As part of the directive, the apex Bank also stated that henceforth, all Bureau De Change operators will now be able to access forex from the CBN on Mondays, Wednesdays and Fridays.

According to Okorafor, the development was necessary “in order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market”.

The statement reads in part: “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.

Advertisement

“All travelers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN.

“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.”

It will recalled that the CBN on Tuesday continued its weekly intervention in different segments of the inter-bank Foreign Exchange Market with $210 million.

Leave a comment

Advertisement