Yemisi Izuora
The Central Bank of Nigeria, CBN has issued a new directive mandating all Deposit Money Banks, DMBs, 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.
The CBN insists that “All travelers shall be attended to immediately at the banks’ counters” warning that any contravention shall be sanctioned.
It also said that all BDCs 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 licence reviewed by the CBN. Compliance is Compulsory”, Isaac Okorafor Ag. Director, Corporate Communications said in a statement.
The Bank explained that the measure is to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market.