CBN mandates banks to sell forex to customers over the counter
Nigerians travel-ling overseas can now heave a sigh of relief following the release of new Central Bank of Nigeria (CBN) directives that make it much easier for people in this category to access foreign exchange for their travelling needs.
All intending travellers can now buy forex over the counter with the presentation of passports and air tickets, the Central Bank of Nigeria (CBN) announced on Saturday night.
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.
The naira has maintained some stability in the last one year after the central bank liberalised the currency market.