Sell Forex to travellers over the counter – CBN

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IN order to ensure that eligible travellers are able to access foreign exchange and make liquidity available in the market, the Central Bank of Nigeria, CBN, has mandated all deposit money banks, DMBs, to buy and sell foreign exchange to travellers (both customers and non-customers) upon presentation of relevant, valid travel documents over the counter. Documents to be presented include visa and ticket. “All travellers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN,” Isaac Okorafor, director of Corporate Communications of the CBN, said in a statement.

Besides, he said all BDCs would, henceforth, access forex from the CBN on Mondays, Wednesdays and Fridays. Okorafor warned: “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.”

– May 28, 2018 @ 13:57 GMT |

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