The Central Bank of Nigeria (CBN) has released another sum of $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than N360 to $1.
It is for invisibles such as Basic Travel Allowance (BTAs), medicals, school fees, etc.
The Bank on Monday, also offered the sum of $100 million to authorized FOREX dealers in the interbank wholesale window to meet the requests of genuine wholesale customers.
Disclosing in a statement, the Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, said the rates in the interbank window for wholesale transactions would still be determined by activities in the interbank market.
Furthermore, he disclosed that all banks had also been directed to immediately post the new N360/$1 rate on electronic display boards in the banking halls of their branches, adding that examiners from the CBN would visit banks to ensure the new rates are implemented.
The CBN spokesmen reiterated the Bank’s directive to all banks to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application.
He said the applications for school fees and medical bills are to be met within 48 hours of such application.
Okorafor warned that the new move, aimed at further easing access of genuine end-users to forex, prohibited banks from selling foreign exchange funds meant for invisibles to Bureau De Change.
Furthermore, he reiterated that all banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.
He urged customers to report any erring bank to the CBN for investigation and appropriate sanction.
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