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CBN instructs banks to make forex available for travelers over the counter



CBN refunds N65bn excess charges by banks from customers in 6 years

As part of the measures to ease the stress by Nigerians seeking foreign exchange for their traveling arrangements, the Central Bank of Nigeria (CBN) has issued a new directive to make liquidity available for travelers in the market.

The new directive makes it possible for eligible travelers to access foreign currency over-the-counter by presenting their passports and tickets.

The apex bank gave the directive in a statement on Saturday by its Acting Director, Corporate Communications, Isaac Okoroafor.

According to Okoroafor, “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.

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“All Bureaux de Change (BDCs) shall henceforth access dollars from the CBN on Monday’s, Wednesdays and Fridays. It is compulsory that all BDCs access currency at least three times weekly.”

The statement warned BDCs against failure to access the FX window at least three times in a week, stressing that the bank would have the license of any BDC operator, who fails to comply with the directive reviewed.

The bank noted that compliance with the new directive was compulsory.

The naira continued to remain stable at N360/USD for more than a year at the foreign exchange market due to central bank’s intervention to make forex available to various categories of people in the market.


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