There has been an increase in the amount of foreign exchange allocated to banks, as the Central Bank of Nigeria (CBN) says it was needful towards meeting customers requests.
Travellers have sought foreign exchange for travel allowances, payment of tuition and medical fees, among other invisibles.
This was also with a warning issued by the CBN Governor, Mr. Godwin Emefiele, at a meeting with the Managing Directors of Deposit Money Banks (DMBs), that the apex bank will take action against any bank that denies customers the opportunity to purchase foreign exchange for legitimate purposes.
This was made public by the Acting Director, Corporate Communications Department of CBN, Osita Nwanisobi, during discussions at the meeting of bank chiefs on Monday.
He said Emefiele warned the bank Chief Executives to stop denying customers, especially travellers, the opportunity to purchase foreign exchange for the purposes of Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments as well as Small and Medium Enterprises (SMEs) transactions, or for the repatriation of Foreign Direct Investment (FDI) proceeds.
According to Nwanisobi, the CBN may release hotlines for aggrieved customers to report banks that fail to sell foreign exchange to them even after providing required documentation.
He said that the bank remained committed to ensuring liquidity in the foreign exchange market and ensuring it meets genuine and legitimate demands of customers.
He said: “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.”
Nwanisobi urged interested members of the public seeking to purchase foreign exchange for PTA, BTA, payment of tuition fees or medical fees to approach their respective banks for that purpose.
He said: “We wish to assure members of the public that the CBN shall continue to monitor market developments and is committed to ensuring an efficient FX market for all legitimate users.”
He further urged them to forward their complaints to the Central Bank of Nigeria’s toll-free line.
