CBN gives banks, BDC fresh directives on forex sale

The Central Bank of Nigeria, CBN has directed all commercial banks and Bureau de Changes, BDCs to sell foreign exchange to travelers over the counter without delay, warning that failure to do such would amount to a penalty.

In a statement titled “Sale of Forex to Travelers Over the Counter” by its spokesperson, Isaac Okoroafor on Sunday, banks, and BDCs are to sell forex to eligible travelers irrespective of their status.

According to the statement, the CBN said the steps were necessary to make forex available to travelers, adding that it would also make liquidity available in the market.

“All-Deposit Money Banks (DMBs) are mandated to buy and sell foreign exchange to travelers (both customers and non-customers) upon presentation of relevant, valid travel documents, such as visa and ticket OVER THE COUNTER”.

“All travelers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN.

“All BDCs (bureaux) 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 license reviewed by the CBN. Compliance is Compulsory.”

Last Thursday, CBN injected an additional $100 million into the foreign market barely 24 hours after it made available $210 million the previous day to the wholesale segment of the market.