The Central Bank of Nigeria (CBN) has directed all banks to sell foreign exchange to anyone that is willing to purchase over the counter irrespective of whether the person is a customer or not, upon presentation of relevant documentation, adding that any bank that contravenes this directive will be sanctioned.
The CBN also increased the frequency of sales to licensed BDCs to three times weekly from twice weekly. “All Deposit Money Banks are mandated to buy and sell foreign currency to travelers (both customers and non customers) 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,” states CBN.
“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,” warned CBN’s spokesman, Isaac Okorafor in a statement.
The CBN move is coming following the naira’s surprising fall against the dollar by about four points in that past days in what analysts believe is caused by deliberate hoarding of the greenback by dealers. The naira had stabilised at around N360 – $1 at the open market for over three quarters before the current pressure.