CBN directs banks to pay cash to forex users, injects $240m into market


The Central Bank of Nigeria (CBN) 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,  Isaac Okoroafor, was issued to further ease the access of customers to foreign exchange.

He said that the apex bank has also rełeased the sum of $240m to meet genuine demands for users of foreign exchange.

Out of this amount, he said the CBN released the sum of $90m to meet requests for invisibles such as business and personal travel allowance, medical and school fees.

He said the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window.

He also disclosed that the apex bank had adjusted the sale of forex to Bureau De Change operators to Tuesdays only 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 uncooperating bank to the CBN through available platforms.

The CBN had since the beginning of last month made offers and releases to the inter-bank foreign exchange market in its bid to sustain forex rule supply to different categories of users.