CBN Directs Banks to Sell Forex to Customers/Non-customers

Central Bank of Nigeria (CBN) has directed all banks to sell foreign exchange to anyone that is willing to purchase over the counter irrespective of whether the person is a customer or not, upon presentation of relevant documentation. 

The apex bank said

any bank that contravenes this directive would be sanctioned.

CBN also increased the frequency of sales to licensed BDCs to three times weekly – Mondays, Wednesdays and Fridays instead of twice weekly. 

"All Deposit Money Banks are mandated to buy and sell foreign currency to travelers (both customers and non-customers) upon presentation of relevant valid travel documents such as visa and tickets OVER THE COUNTER. All travelers shall be attended to immediately at the bank’s counters. Any contravention will be sanctioned by the CBN.

"It is compulsory that all BDCs Access Currency at least three times weekly. Any BDC that fails to access the FX window at least three times weekly shall have their license reviewed by the CBN. Compliance is Compulsory," said CBN in a statement by its Director, Corporate Communications, Isaac Okorafor. 

● THEWILL