WorldStage Newsonline– The Central Bank of Nigeria (CBN) has mandated all Deposit Money Banks (DMBs) to buy and sell foreign exchange to travelers including their non-customers upon presentation of relevant, valid travel documents such as visa and ticket over the counter.
The apex bank in a statement over the weekend by Isaac Okorafor, Ag. Director, Corporate Communications, said the directive was in order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market,
The CBN warned the banks that compliance to the directive is compulsory and any contravention shall be sanctioned.
“All travelers shall be attended to immediately at the banks’ counters,’ the statement said.
“All bureau de change (BDCs) shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays. It is compulsory that all BDCs access forex at least three times weekly.
“Any BDC that fails to access the forex window at least three times weekly shall have its licence reviewed by the CBN.”
