CBN Directs Nigerian Banks To Sell FX To Travellers Over The Counter

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All Nigerians intending to travel overseas can now buy forex over the counter with the presentation of passports and air tickets as a new directive from the Central Bank of Nigeria (CBN) on Saturday evening has mandated all Deposit Money Banks (DMBs) to comply with respect to the new directive.

The apex bank also ordered all Bureaux de Change (BDCs) to access dollars every Monday, Wednesday and Friday henceforth in a statement issued by its acting director of corporate communications, Isaac Okorafor.

In the statement, Okorafor said: “In order to ensure that eligible travelers are able to access foreign currency and make liquidity available in the market, the CBN wishes to make the following releases:

“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.

“All BDCs shall henceforth Access dollars from the CBN on Monday’s, Wednesday s and Fridays. 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.”

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Source: New feed2