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CBN increases Forex allocations to banks to meet customers’ requests

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CBN increases Forex allocations to banks to meet customers’ requests

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The Central Bank of Nigeria (CBN) on Sunday declared an increase in foreign exchange allocations to banks to meet customers’ requests.

These requests comprise travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other invisible.

The Governor of CBN, Godwin Emefiele, made this known at a meeting with the Managing Directors of Deposit Money Banks over the weekend.

Emefiele warned the banks to abstain from denying customers, especially travellers, the opportunity to purchase foreign exchange, stating that CBN would take action against any bank that denied customers the opportunity to buy foreign exchange for legitimate purposes.

As indicated by the sources at the meeting, the Governor attached the purposes for this foreign exchange as Personal Travel Allowance, Basic Travel Allowance, tuition fees, and medical payments and also Small and Medium Enterprises, transactions or for the return of Foreign Direct Investment incomes.

Approving the decisions made at the meeting, the Acting Director, Corporate Communications Department at the CBN, Osita Nwanisobi, stated, “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 would be replenished so long as they retire the initial amounts to the satisfaction of the CBN.”

He stated that CBN stayed committed to guaranteeing liquidity in the foreign exchange market to satisfy genuine and legitimate customers’ demands.

Nwanisobi appealed to public members interested in buying foreign exchange for PTA, BTA, and payment of tuition fees or medical fees to approach their respective banks for that purpose.

He added that customers can forward their complaints to the Central Bank of Nigeria through the accessible channels.


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