The Central Bank of Nigeria (CBN), has mandated all Deposit Money Banks (DMBs) 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.
The CBN in a statement by the Ag. Director, Corporate Communications, Isaac Okorafor, stressed that all travelers shall be attended to immediately at the banks’ counters and any contravention shall be sanctioned by the CBN.
The Mandate was given on Sunday, in order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market
According to Okorafor, “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 is Compulsory” he ended.