Says Rate Remains $360/$
The Central Bank of Nigeria (CBN), on Friday insisted that it had adequate foreign exchange to fund invisibles such as Personal and Business Travel Allowances (PTA and BTA), as well as tuition and medical fees of Nigerians, contrary to information that some customers are being frustrated by some banks.
Such banks, according to a statement by Isaac Okoroafor, acting Director of Corporation Communications at the CBN, claim that the CBN is not allocating enough forex to them for expenses.
“This claim is totally untrue,” he stressed, urging customers seeking to buy forex for the above-mentioned purposes to go to their banks for it and that any such customer “not attended to within 24 hours for BTA/PTA, or 48 hours for tuition and medical fees should call 07002255226 or send an email to firstname.lastname@example.org, with the name and branch of the non-cooperating bank.”
Okoroafor assured that “all banks have more than enough stock of
forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees.
According to him, “indeed, on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items.”
No customer, he said, should buy forex from any bank above the prescribed rate of N360/$1.