Emefiele in surprise visit to banks to ensure compliance on new forex policy

In a bid to ensure full compliance of the new CBN forex directive, the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, on Monday embarked on an unannounced visit to some banks in Abuja.

The CBN had, in a statement on Sunday, mandated all Deposit Money Banks 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.

This, according to CBN, was to strengthen the naira and ensure eligible travelers in the country are able to access forex for the Business Travel Allowances (BTA), Personal Travel Allowances (PTA), school fees and medical bills payment.

Emefiele, who paid a visit to First Bank, UBA and Zenith Banks offices to inspect the sales of foreign currencies to customers, said the move was to ascertain banks compliance with the new directive by selling even to those without accounts with the banks.

“I want to seize this opportunity to let everybody know that there is dollar availability. If you want to travel, go to a bank. It doesn’t have to be your bank.

“Whether you have an account or not, you should be attended to,” he said.

Emefiele noted that the banks have been stocked and eligible travelers should access their foreign currencies at various foreign exchange counters of any bank.

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He advised that nobody should buy BTA or PTA at not more than N360/USD.

“The banks are entitled to their margin, and their margin has already been built into the price so you don’t have to pay any additional charge,’’ he said.

Head Branch Service, First Bank, Abuja, Ms Zainab Darlington, Zenith Bank’s Executive Director, North, Mr Umar Ahmed and the Assistant General Manager, UBA, Mrs Jennifer Illoabache, all confirmed ample supply of foreign exchange from the CBN to meet all eligible demand for foreign exchange.

The new policy by the CBN seems be yielding good result as the naira appreciated against the dollar at the Bureau de Change segment to N366/USD from N367/USD recorded on Friday.

The naira, however, closed flat at the parallel market and depreciated at the Investors & Exporters window of the foreign exchange market by losing 23k to close at N361.57/USD.

 

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