TRAVELERS CAN NOW BUY FOREX ACROSS THE COUNTER- CBN

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TRAVELERS CAN NOW BUY FOREX ACROSS THE COUNTER- CBN

Intending travelers can now purchase foreign currencies over the counter with the presentation of passports and air tickets, the Central Bank of Nigeria (CBN) announced on Saturday evening, May 26, 2018.

The CBN wants Bureau De Change (BDC) operators to also access dollars every Monday, Wednesday and Friday henceforth. This was contained in a statement issued by its acting director of corporate communications, Isaac Okorafor.

In the statement, Okorafor said that: “In order to ensure that eligible travelers are able to access foreign currency and make liquidity available in the market, the CBN wishes to make the following releases:

“All Deposit Money Banks are mandated to buy and sell foreign currency to travelers (both customers and noncustomers) 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.

“All BDCs shall henceforth Access dollars from the CBN on Monday’s, Wednesday’s and Friday’s. It is compulsory that all BDCs Access Currency at least three times weekly. Any BDC that fails to access the FX window at least three times weekly shall have their license reviewed by the CBN. Compliance is Compulsory”.

The naira has maintained some stability in the last one year after the central bank liberalised the currency market and granted forex access to Nigerians schooling/travelling abroad.

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