The Central Bank of Nigeria (CBN) has threatened to sanction banks and review operating licences of Bureau de Change operators (BDCs) that fail to sell foreign exchange to travelling customers on demand.
CBN’s Acting Director, Corporate Communication, Mr. Isaac Okorafor, announced through a statement on Sunday, that possession of relevant valid travel documents such as visa and ticket are sufficient for immediate over-the- counter purchase of Forex.
In a statement titled “Sale of Forex exchange to Travelers Over the Counter”, Okorafor said “in order to ensure that eligible travellers are able to access foreign exchange and make liquidity available in the market, the Central Bank of Nigeria (CBN) wishes to make the following release:
“All-Deposit Money (DMBs) are mandated to buy and sell foreign exchange to travellers (both customers and non-customers) upon presentation of relevant valid travel documents such as visa and ticket, over the counter. All travellers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN.
“All 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.”
Compliance, according to the apex bank, is compulsory for all banks and BDCs.
The bank had last week advised customers who are refused forex sales by banks to report to CBN for immediate action.