Thursday, April 22, 2021

CBN directs banks to pay customers dollar in cash


Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Central Bank of Nigeria has directed all banks to pay cash over-the-counter to desiring foreign exchange customers.

Spokesman of the CBN, Isaac Okorafor, said the directive was issued to further ease access to foreign exchange.

Mr Okoroafor said the apex bank had also released the sum of $240m to meet genuine demands from users of foreign exchange.

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According to him, CBN had released $90million of the amount to meet requests for invisibles such as business and personal travel allowances, as well as medical and school fees.

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

Mr 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.

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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.

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