CBN assures on adequate forex for BTA, medicals, others
Due to claims that some Deposit Money Banks (DMBs) do not have forex to sell to retail buyers, the Central Bank of Nigeria (CBN) over the weekend informed the general public that it has sold enough FX to commercial banks to resell to Nigerians for their BTAs, PTAs, School fees or Medicals.
In a statement signed by the Acting Director, Corporate Communications of the bank, Mr. Isaac Okorafo, the apex bank said: “Information reaching the Central Bank of Nigeria (CBN) reveals that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees.”
Okorafor noted that such claim is totally untrue. “All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. Indeed, on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items.”
He therefore, advised members of the public seeking to buy forex for the above-mentioned purposes to go to their banks and obtain their forex. Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank.
“Furthermore, no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360/$1”, he stated.
The apex bank had on Thursday last week announced that it determined to sustain liquidity in the foreign exchange market by increasing weekly forex sales to Bureaux de Change (BDCs) to $10,000.
The CBN stated that it will commence twice weekly forex sales to BDCs from today Monday, April 3, 2017.
It further stated that licensed BDC operators are therefore required to fund their accounts with the CBN on Mondays and Wednesdays, while they receive their purchases on Tuesdays and Thursdays respectively.
“The sale amount to BDCs is hereby increased to $10,000 weekly ($5,000 per bid) and a new rate will be announced on Monday, April 3, 2017”, he said.
The apex bank has reviewed down the rate at which it was selling dollars to Bureau De Change (BDC) operators nationwide.
The CBN through Travelex last year, cut the amount of dollars sold to BDC operators in the country from $15,000 to $8,000 per week. It is understood that this move is to enable more BDC operators across the country have access to foreign exchange.
