Image

CENTRAL BANK OF NIGERIA INCREASES FOREX ALLOCATION TO BANKS

The Central Bank of Nigeria (CBN) has announced the increase of foreign exchange (forex) allocations to banks to meet the requests of customers, particularly travellers, seeking forex for travel allowances, payment of tuition and medical fees, among other invisibles.


During a weekend meeting, the CBN Governor, Mr. Godwin Emefiele discussed with managing directors of Deposit Money Banks (DMBs), cautioning them to desist from denying customers, particularly travellers, the opportunity to purchase forex for Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments as well as Small and Medium Enterprises (SMEs) transactions or for the repatriation of Foreign Direct Investment (FDI) proceeds.


Confirming issues discussed at the meeting the Acting Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said in a note that the CBN remained committed to ensuring liquidity in the forex market to meet genuine and legitimate demands of customers.


He added: “The CBN agreed to increase the amount allocated to banks for travellers, Small and Medium Enterprises among others. The banks also agreed to operate something akin to foreign exchange imprest account such that the coffers of banks will be replenished so long as they retire the initial amounts to the satisfaction of the CBN.”


Nwanisobi allayed fears of a forex shortage and urged members of the public seeking to purchase foreign exchange for PTA, BTA, payment of tuition fees or medical fees to do so from their banks.


READ ALSO: EFCC CHARGES BANKS COMPLIANCE OFFICERS ON DILIGENCE


“We wish to assure members of the public that the CBN shall continue to monitor market developments and is committed to ensuring an efficient FX market for all legitimate users,” he said.


For the latest Updates from Eons Intelligence, Follow us on twitter @eonsintelligenc and on Facebook, Eons Intelligence. You can also connect with us on our LinkedIn Page, Eons Intelligence

Comments


Join WhatApp Group