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Published On: Mon, May 28th, 2018

CBN Directs DMBs to Sell Forex to Travelers Over Counter

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By Etuka Sunday, Abuja & Ngozi Onyeakusi, Lagos

In order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market, the Central Bank of Nigeria (CBN) has directed the Deposit Money Banks (DMBs) to buy and sell foreign exchange to travelers provided they have the required travel document.
The apex bank equally mandated all BDCs to access forex three times a week.
The CBN in a press statement signed by its Acting Director, Corporate Communications, Isaac Okoroafor stated that non compliance to these directives would attract sanction.
“All Deposit Money Banks (DMBs) are mandated to buy and sell foreign exchange to travelers (both customers and non- customers) upon presentation of relevant, valid travel documents such as visa and ticket OVER THE COUNTER. 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”, he said.

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