The Central Bank of Nigeria, CBN, has increased banks’ weekly dollar sales to Bureaux De Change, BDCs, from Diaspora-related foreign exchange, from $30,000 to $50,000.
This was disclosed by the Group Managing Director of United Bank for Africa, UBA, Kennedy Uzoka, after the Bankers’ Committee meeting in Abuja.
According to Uzoka, the increase was to ensure that more operators have access to the dollar, adding that it would also enable more people get enough dollars to pay school fees abroad and procure Business Travel Allowance, BTA and Personal Travel Allowance, PTA.
The committee, which said the increase was not a reversal of the former policy but a move to ensure that the country overcome its currency crisis, urged BDCs to approach and apply for forex.
Speaking on the development, the Acting Director of Corporate Communications of the CBN, Isaac Okorafor, said the bank “will now monitor strictly to ensure that people do not abuse the process”.
Also speaking on the Bankers’ Committee meeting, the CBN Director of Banking Supervision, Mrs. Tokunbo Martins, said a decision was taken at the end of the meeting to start disbursing the special intervention fund to support primary agricultural projects and core manufacturing.
She said: “The CBN took from the bank’s cash reserves called the special intervention fund, that fund has been with the CBN for some time.”
The fund, according to her, would be for projects that support import substitution, projects that will help protect foreign exchange such that whatever we were importing before can be manufactured.”
By Timothy Enietan-Matthews
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