To ease the burden of travellers, the Central Bank of Nigeria (CBN) has directed all banks to open Foreign Exchange outlets to sell dollars and other hard currencies at major airports.
According to a statement signed on Tuesday by the CBN
acting Director of Communications, Mr Isaac Okorafor, the
banks are to do so as soon as logistics permit.
Okorafor said that this would also ensure that transactions were
settled at much more competitive exchange rates.
“Similarly, the CBN is providing direct additional funding to
banks to meet the needs of Nigerians for Personal and
Business Travel, Medical needs, and School fees, effective
“For medical and school fees, such payments must be made
by commercial banks directly to the institution specified by the
“The CBN would ensure that this process is as smooth as
possible and that as many customers as possible get the
foreign exchange they genuinely demand.
“The CBN expects such retail transactions to be settled at a
rate not exceeding 20 per cent above the interbank market
rate,” he said.
Okorafor said that the apex bank had also reduced the tenure of
its Forward Sales from the current maximum cycle of 180 days,
to not more than 60 days from the date of transaction.
“In order to maintain confidence in the FX market, the CBN will
immediately begin implementing its articulated programme to
clear all the unfilled orders in the interbank FX market.
“Given our plan to meet all unfilled orders, and provision of FX
to the manufacturing sector would remain the CBN’s strong
priority, we will no longer impose allocation rules on commercial
“We will implement an effective intervention programme to
support the inter-bank market to ensure adequate liquidity
necessary to deliver an efficient FX market,” he said.
Okorafor said that the FMDQ trading had also been advised to
activate its Foreign Exchange Order-Book systems as soon as
possible and also accelerate the on-boarding of FX clients on
the FX Relationship Systems to ensure total transparency of the
The apex bank urged market participants to assist in ensuring
that these new measures were followed to preserve the external
reserves, stability of the financial system and economic growth
for the benefit of all Nigerians
Copyright 2022 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.
- KAM Holding CEO rejoices with Abubakar Sulu-Gambari on attainment of SAN rank
- Nigeria-Saudi Chamber of Commerce Will Deepen Countries’ Relations —Minister
- FAAN boss commends increase in passengers traffic at Abuja airport
- Ciroma of Ilorin, A.B. Sulu-Gambari, 61 others make final SANs list (FULL NAMES)
- Enugu West: Onyeama lied in affidavit claiming that I’m dead —Okah
- Yobe North: I accept the court judgement — Lawan
- Emir of Ilorin rejoices with Durosinlohun Kawu, Idris Haroon over National Honour Awards
- Senate considers bill to regulate informal sector employment
- Senate directs NEMA, others to help flood victims nationwide
- Senate hints on Electoral Offences Bill for 2023 elections