CBN orders banks to sell forex over the counter

CBN governor Godwin Emefiele says commercial banks should sell forex over the counter to travelers

The Central Bank of Nigeria (CBN) has authorised all commercial banks to sell foreign exchange to travellers Over The Counter (OTC) whether they operate an account with the bank or not.

Mr Isaac Okorafor, CBN acting director of Corporate Communications disclosed this in a statement issued in Abuja, on Sunday.

According to him, the new directive will allow eligible travellers more access to foreign exchange and allow more liquidity to the market.

He said that the banks were mandated to do this once a customer or non-customer presents relevant, valid travel documents such as visa and travel ticket.

“All travellers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN,” he said.

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This new directive is coming after the CBN announced on Wednesday that some banks were turning back customers that come to purchase Foreign Exchange for Personal and Business Travel as well as for pilgrimage.

According to the CBN, it has supplied enough dollars to the banks to meet needs in the invisible segment.

Customers were enjoined to report any bank that refuses to attend to their legitimate demands within 24 hours.

He also said that the apex bank had made it mandatory for all the Bureau de Change (BDCs) operating in Nigeria to access foreign exchange from the CBN three times in a week.

“All BDCs shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays.

”It is compulsory that all BDCs access forex at least three times weekly.

”Any BDC that fails to access the forex window at least three times weekly shall have its licence reviewed by the CBN,” Okorafor said.