Central Bank Gives Marching Order To Banks To Sell Forex To Travelers Over Counter

The Central Bank of Nigeria (CBN) has ordered all Deposit Money Banks (DMBs) to henceforth buy and sell foreign exchange to travelers over the counter.

The apex bank, in a statement by its acting Director of Corporate Communications, Isaac Okorafor, said that once a traveler, whether or not he is customer, present valid travelling documents, including visa the ticket, the DBM must sell foreign exchange to him.

“All travelers 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.”