Central Bank Of Nigeria Directs Banks To Pay Cash To FOREX Users

Frankly speaking, I wonder why bank is not doing that already. It seems Nigerian banks are not really financial institutes out to help its customers and uplift the citizens of this country, rather they are just a business interested in making gains upon gains regardless of the economic situations in Nigeria. I wonder how banks post a lot of gains in this recession.

The Central Bank of Nigeria on Monday directed all banks to pay cash over-the-counter to desiring foreign exchange customers. The directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange.

He said that the apex bank had also released the sum of $240m to meet genuine demands from users of foreign exchange. Out of this amount, he stated that the CBN released the sum of $90m to meet requests for invisibles such as business and personal travel allowances, as well as medical and school fees.

He added that the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window. Okorafor also disclosed that the apex bank had adjusted the sale of forex to the Bureau De Change operators to Tuesdays only in order to reduce logistical difficulties.

He added that henceforth, the CBN would sell $10,000 only to low-end forex dealers once a week. While urging the banks to oblige the genuine requests of customers, he advised customers to report any uncooperative bank to the CBN through available platforms.

The CBN has since the beginning of last month made offers and releases to the interbank foreign exchange market in its bid to sustain forex supply to different categories of users.

Source: Investors King
Central Bank Of Nigeria Directs Banks To Pay Cash To FOREX Users Central Bank Of Nigeria Directs Banks To Pay Cash To FOREX Users Reviewed by Exlink Lodge on Tuesday, April 04, 2017 Rating: 5

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