CBN orders banks to sell Forex to travellers over the counter

All intending travellers can now buy forex over the counter with the presentation of passports and air tickets, the Central Bank of Nigeria (CBN) announced on Saturday evening.

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The bank also ordered BDCs to access dollars every Monday, Wednesday and Friday henceforth in a statement issued by its acting director of corporate communications, Isaac Okorafor.

The move is to checkmate the activities of speculators in the forex market.

Okorafor said in the statement: “In order to ensure that eligible travelers are able to access foreign currency and make liquidity available in the market, the CBN wishes to make the following releases:

“All Deposit Money Banks are mandated to buy and sell foreign currency to travelers ( both customers and non customers) upon presentation of relevant valid travel documents such as visa and tickets OVER THE COUNTER. All travelers shall be attended to immediately at the bank’s counters. Any contravention will be sanctioned by the CBN.

“All BDCs shall henceforth Access dollars from the CBN on Monday’s , Wednesday s and Fridays. It is compulsory that all BDCs Access Currency at least three times weekly. Any BDC that fails to access the FX window at least three times weekly shall have their license reviewed by the CBN. Compliance is Compulsory.”

The naira has maintained some stability in the last one year after the central bank liberalised the currency market.



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