Tuesday, July 27, 2021

CBN Boosts Forex Supplies, Gives Travellers Access To $4,000

The Central Bank of Nigeria (CBN) recent promise to increase forex suplies has now made rooms for Nigerians traveling abroad to access a maximum amount of $4,000 foreign exchange from the banks.

This was disclosed by some banks, saying that those travelling on business trips could also access a maximum amount of $5,000 for each trip.

The CBN, in the recent statement, noted that it had concluded plans to increase the amount of foreign exchange allocated to banks to meet legitimate needs.

The banking regulator added that purposes to access forex included Personal Travel Allowance, Basic Travel Allowance, tuition fees, and medical payments as well as Small and Medium Enterprises transactions or for the repatriation of Foreign Direct Investment proceeds.

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The CBN also said the BDCs would continue to have their weekly allocations.

The bankers, during a virtual Bankers’ Committee meeting, highlighted the CBN’s efforts to assist with forex to ensure availability for the upcoming summer period and the return of students to school in September.

The committee said: “The CBN has said that all the banks must make availability at all times and anyone who wants to buy BTA, PTA, medical fees, student school fees and all the eligible invisible purchases to ensure that Nigerians are not forced to go and queue in the parallel market.

“So what the Central Bank is doing is to encourage all banks to make sure that there is available forex at all times, and that his information should be communicated on all our platforms.

“We are asking our customers to come to the branches and for BTA, for example, present the required documents, which are basically your international passport, your visa, your valid ticket and fill up the form in the bank.

“And what we have been instructed to do is ensure that we don’t turn anybody back and that we should request from the Central Bank once we exhaust the forex that we have.

“The idea is to have a hitch-free summer period and the resumption for children to go back to school. The idea is to ensure there is less pressure on the forex and then the rates will come down.”

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