To ensure that eligible travellers have access to foreign exchange and make liquidity available in the market, the Central Bank of Nigeria (CBN) has mandated all Deposit Money Banks (DMB) to buy and sell foreign exchange to travellers, either they are customers or not, on the counters.
This was contained in a statement signed and made available to African Business Travel News (ABTN) by the acting Director of Corporate Communication of the apex bank, Isaac Okorafor today.
“All Deposit Money Banks (DMBs) are mandated to buy and sell foreign exchange to travelers (both customers and noncustomers) upon presentation of relevant, valid travel documents such as visa and ticket OVER THE COUNTER. All travelers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN,” the statement said.
The statement also stated that it is mandatory for all Bureau De Change (BCD) to foreign exchange at the Central Bank thrice a week. That is on Mondays, Wednesdays and Fridays.
It equally warned that any Bureau De Change that failed to comply with the new directives would have its operational licence reviewed by the apex bank.
“All BDCs shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays. It is compulsory that all BDCs access forex at least three times weekly. Any BDC that fails to access the forex window at least three times weekly shall have its licence reviewed by the CBN. Compliance is Compulsory,” the CBN mandated..
