CBN modifies foreign exchange policy

Emefile-CBN

CBN Governor Godwin Emefiele

The Central Bank of Nigeria (CBN) has released a new foreign exchange policy with immediate effect.

The new policy is sequel to last Thursday’s directive by the National Economic Council (NEC,) for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.

The CBN said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.

The CBN said such retail transactions would be settled at a rate not exceeding 20 per cent above the interbank market rate.

The apex bank also mandated all commercial banks to open foreign exchange retail offices at all major airports to ease transactions for intending travellers.

“In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit,” it said.