Nigerians travelling abroad can access a maximum amount of $4,000 foreign exchange from the banks following the Central Bank of Nigeria’s announcement to increase forex supplies.
Sources from some of the banks said those travelling on
business trips could also access a maximum amount of $5,000 for each trip.
The CBN had said in a recent statement that it had concluded
plans to increase the amount of foreign exchange allocated to banks to meet
legitimate needs.
This followed the warning by the CBN Governor, Mr Godwin
Emefiele, to Deposit Money Banks to desist from denying customers the
opportunity to purchase foreign exchange.
The 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, the CBN had stated.
At a virtual Bankers’ Committee meeting last week, the
bankers discussed how the CBN intended to assist with forex to ensure
availability for the upcoming summer period and the return of students to
school in September.
The CBN also said the BDCs would continue to have their
weekly allocations.
The committee observed that the rates were going up.
It stated, “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.”
Speaking during the virtual meeting, the Group Managing
Director, Access Bank, Herbert Wigwe, said, “I think again as part of the
central bank’s role in terms of price stability and the need to support small
and medium enterprises, there was highlight of the need for banks to go and
support SMEs who import small raw materials for them to set up their
businesses.”
The Managing Director, Ecobank, Patrick Akinwuntan, said,
“All banks are available to ensure forex need is met.”
Managing Director, Sterling Bank, Abubakar Suleiman, said the CBN had provided sufficient foreign exchange to meet the needs of all legitimate Nigerian travellers and therefore, the idea of going to any other market should not arise at all.
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