the managing directors of Deposit Money Banks (DMBs) over the weekend, and warned them that the central bank would deal with any bank which denies customers the opportunity to purchase foreign exchange for legitimate purposes.
Following the meeting, Acting Director of the Corporate Communications Department at the CBN, Osita Nwanisobi, assured the public that the central bank is committed to ensuring steady availability of foreign exchange for Basic Travel Allowance (BTA), Personal Travel Allowance (PTA), tuition fees, medical payments, repatriation of Foreign Direct Investment (FDI) proceeds, Small and Medium Enterprises (SMEs) transactions, and for all other legitimate purposes. “We wish to assure members of the public that the CBN shall continue to monitor market developments and is committed to ensuring an efficient FX market for all legitimate users,” he said.
Nwanisobi also revealed that in response to the concerns raised by the customers, the CBN has decided to increase of foreign exchange (forex) allocations to banks in order to meet the current demand. “The CBN agreed to increase the amount allocated to banks for travellers, Small and Medium Enterprises among others,” he said. “The banks also agreed to operate something akin to foreign exchange imprest account such that the coffers of banks will be replenished so long as they retire the initial amounts to the satisfaction of the CBN.”
While he advised customers to approach the customer service representatives of their banks to resolve any challenges in meeting their forex requirements, he also said that customers could raise their issues to the CBN via the bank’s toll-free line or via email.
