CBN directs banks to pay cash to forex users

The Central Bank of Nigeria on Monday directed all banks to pay cash over-the-counter to desiring foreign exchange customers.

The directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange.

He said that the apex bank had also released the sum of $240m to meet genuine demands from users of foreign exchange.

Out of this amount, he stated that the CBN released the sum of $90m to meet requests for invisibles such as business and personal travel allowances, as well as medical and school fees.

He added that the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window.

Okorafor also disclosed that the apex bank had adjusted the sale of forex to the Bureau De Change operators to Tuesdays only in order to reduce logistical difficulties.

He added that henceforth, the CBN would sell $10,000 only to low-end forex dealers once a week.

While urging the banks to oblige the genuine requests of customers, he advised customers to report any uncooperative bank to the CBN through available platforms.

The CBN has since the beginning of last month made offers and releases to the interbank foreign exchange market in its bid to sustain forex supply to different categories of users.

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