Offers Another $100m To Wholesale Customers
Further to its directive that customers should henceforth buy foreign exchange for invisibles like Basic Travel Allowance(BTAs), medicals, school fees, etc at N360/$, the Central Bank of Nigeria (CBN) on Monday said it has made available the sum of $85 million for sale to Deposit Money Banks (DMBs).
The banks are to buy at the rate of N357/$ for onward sale to retail end-users.
Also on Monday, the apex bank offered $100, to authorized FOREX dealers in the interbank wholesale window to meet the requests of genuine wholesale customers.
According to the CBN’s Acting Director of Corporate Communications, the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market.
Furthermore, he disclosed that all banks had also been directed to immediately post the new N360/$1 rate on electronic display boards in the banking halls of their branches, adding that examiners from the CBN would visit banks to ensure the new rates are implemented.
Okoroafor also reiterated the CBN’s directive to all banks to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, while applications for school fees and medical bills are to be met within 48 hours of such application.
He warned that the new move, aimed at further easing access of genuine end-users to forex, prohibited banks from selling foreign exchange funds meant for invisibles to Bureau De Change.
Going forward, he stressed, all banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.
He therefore urged customers to report any erring bank to the CBN for investigation and appropriate sanction.
