The Central Bank of Nigeria has directed all Deposit Money Banks to provide foreign exchange for customers requesting it for Personal or Business Travel Allowance, and payment of school fees and medicals at a rate of N360 per dollar.
It also directed banks to immediately post the new 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 were implemented.
The Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, who confirmed the development, reiterated the apex bank’s directive to the DMBs to process and meet demand for forex by end-users within 24 hours of such application.
In terms of applications for school fees and medical bills, he said these were to be met within 48 hours of such application.
Okorafor explained that the new move was aimed at further easing access of genuine end-users to forex, adding that banks had been prohibited from selling forex meant for invisibles to Bureau De Change operators.
He added that the apex bank had released a total sum of $185m into the foreign exchange market as part of moves to meet the demand of genuine users.
The amount is made up of the sum of $85m for sale to the DMBs at the rate of 357/$1 for onward sale to retail end-users at not more than N360/$1, for invisibles such as the BTA, medicals, and school fees, among others.
He said the balance of $100m was offered to authorised forex dealers in the interbank wholesale window to meet the requests of genuine wholesale customers.
Okorafor said the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market, adding that all banks had been given directives on the development.
Going forward, he reiterated that all banks would receive amounts commensurate with their demand per week, which would be sold to customers who met usual basic documentary requirements.
He, therefore, urged customers to report any erring bank to the CBN for investigation and appropriate sanction.
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