The Central Bank of Nigeria (CBN) has directed all commercial banks and Bureau de Change (BDCs) to sell foreign exchange to all eligible travellers over the counter, regardless of their customer status.
The CBN through its spokesperson, Isaac Okoroafor, said banks and BDCs were obliged to sell foreign exchange to all persons wishing to travel on presentation of relevant travel documentation.
Banks or BDCs are to strictly adhere to the directive. This directive is to ensure eligible travellers are able to access Foreign Exchange and make liquidity available in the market. All travellers are to be attended to immediately at the banks’ counters.
All BDCs will also henceforth access Foreign Exchange from the CBN on Mondays, Wednesdays, and Fridays. It is now compulsory that all BDCs access Foreign Exchange at least three times weekly. Compliance has been made compulsory by the CBN.
The directive follows the injection of an additional $100 million into the Foreign Exchange market barely 24 hours after the bank made available $210 million the previous day to the wholesale segment of the market. This funding is to take care of the spike in the seasonal demand for Foreign Exchange to meet various personal obligations.
The Central Bank said the additional funding of the market was to cater to the personal needs of Nigerians who may want to travel to fulfill personal obligations, particularly for pilgrimage.
Also, the bank said the move was to safeguard the interest of customers seeking to purchase Foreign Exchange to checkmate any attempt at causing panic in the market.
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