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The Central Bank of Nigeria (CBN) on Sunday mandated all deposit money banks to buy and sell foreign exchange to travelers (both customers and non-customers upon presentation of relevant, valid travel documents such as visa and ticket over the counter.
The move is to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market.
A statement from the CBN said all customers shall be attended to immediately at the banks’ counter. “Any contravention shall be sanctioned by the CBN”, the statement signed by Isaac Okorafor, CBN spokesman said.
The CBN also said henceforth, all BDCs shall access forex from CBN on Mondays, Wednesdays and Fridays. It is compulsory that all BDCs access forex at least three times weekly. “Any BDC that fails the forex window at least three times weekly shall its license reviewed by the CBN. Compliance is compulsory”, the statement reads.
Hope Moses-Ashike
