CBN orders banks to sell forex to travelers ahead of summer – Business

  • Top Bank also instructed all Bureaux de Change (BDCs) to access dollars from CBN on Mondays, Wednesdays and Fridays every week.

  • The directive aims to ensure that eligible travelers can access foreign currency and make liquidity available in the market.
  • The central part of Nigeria intervenes in the foreign exchange market to check any attempt to cause an artificial US dollar deficit

As summer approached, the Central Bank of Nigeria (CBN) sent financial institutions to make currency exchange available to customers through the counter to allow travelers to easily access dollars.

Top Bank also instructed all Bureaux de Change (BDCs) to access dollars from CBN on Mondays, Wednesdays and Fridays every week.

Also READ: From June 2018, you can make N100,000 transactions per day through USSD channels

Isaac Okoroafor, acting director of the corporate communications appeal bank, in a statement issued on Saturday, May 26, 2018, said that in order to ensure that suitable travelers have access to foreign currency and provide liquidity in the market, CBN has published directives.

"BUTll-Deposit Money Banks are authorized to buy and sell foreign currency to travelers (both customers and non-customers) upon presentation of relevant valid travel documents, such as visas and tickets at the counter.

"All travelers will immediately take part in the counters of the bank".

Also READ: That is why Nigeria can support multiple forex courses until 2020

CBN further stated that it is imperative that all BDCs access the currency at least three times a week, this is on Mondays, Wednesdays and Fridays.

The statement warned that BDCs who could not access the FX window at least three times a week would check their CBN licenses, stressing that compliance with the new directive is mandatory.

On Thursday, May 24, 2018, the Central Bank of Nigeria (CBN) also released 100 million dollars to the Nigerian Forex market to increase market liquidity to fulfill the obligations of Nigerians traveling for pilgrimage.

The Central Bank of Nigeria takes precautions in impose more US dollars to the foreign exchange market to check any attempt to cause an artificial dollar deficit.

After the release of the foreign exchange market, Naira remained stable.

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