Nigerian banks to get more Forex allocation to pressure on Naira

The Central Bank of Nigeria (CBN) has concluded plans to increase the amount of foreign exchange allocated to banks to meet the requests of customers.
This particularly relates to requests of travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other invisibles.
It follows a warning issued by the CBN Governor, Mr Godwin Emefiele, at a meeting with the Managing Directors of Deposit Money Banks (DMBs).
Emefiele cautioned them to desist from denying customers, particularly travelers, the opportunity to purchase foreign exchange.
This is foreign exchange for the purposes of Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments as well as Small and Medium Enterprises (SMEs) transactions or for the repatriation of Foreign Direct Investment (FDI) proceeds.
Sources close to the meeting held at the weekend, over the challenge faced by customers in accessing forex from their banks, said the Governor warned that the CBN would take action against any bank that denied customers the opportunity to purchase foreign exchange for legitimate purposes.
The sources disclosed that the CBN management frowned at the seeming difficulty customers experienced in accessing foreign exchange through their respective banks.
This is forex particularly for invisibles such as PTA and requests bordering on tuition and healthcare needs………..TO CONTINUE READING CLICK ON

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