CBN Dismisses Commercial Bank’s Claim Of Insufficient FOREX For Invisibles.

The Central Bank of Nigeria(CBN) has dismissed the claims of Commercial banks regarding insufficient allocation of foreign exchange for invisibles.

 

The Bank however stressed that all banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees.

 

The Acting Director of Communications CBN, Mr Isaac Okoroafor who declared these facts in a statement on Friday while responding to an information that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them, emphasized that the claim is totally untrue.

Okoroafor disclosed that the CBN has on a weekly basis been selling at least $80m to banks for onward sale to their customers for these invisible items.
He however advised Members of the public seeking to buy forex for the above-mentioned purposes to go to their banks and obtain their forex.

 

According to him; “Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank”.

 

Furthermore, he urged the customers not to accept to buy forex from any bank at more than the CURRENTLY prescribed rate of N360/$1.

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