Following the Central Bank of Nigeria’s increment of forex supply to banks, Nigerians travelling abroad and other customers can now access as much as $4,000 foreign exchange.
This includes foreign exchange for the purposes of Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments as well as Small and Medium Enterprises (SMEs) transactions or for the repatriation of Foreign Direct Investment (FDI) proceeds.
Sources in the banks said those travelling on business trips could also access a maximum amount of $5,000 for each trip.
According to PUNCH, 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.
Badagry women protest domestic violence, woman’s death
Tension as strayed cow kills two-month-old baby in Delta
Tokyo 2020: Oyedepo may become first Nigerian clergyman to wear Olympic medal
Court to hear Igboho’s suit against Malami, DSS Aug 4
Jamaica’s Thompson-Herah wins 200m to seal Olympic double
Court remands housewife, five minors for allegedly stealing 15 wrappers
Gridlock as FUTA students block expressway to protest colleague’s death
Driver jailed one month for theft
Sound Sultan: 18 things to know about throat cancer
Court acquits ex-NBA President of N1.4bn fraud charge
Expertise in household chores doesn’t make better wives – Blessing Okoro
Nigerians blast American rapper, Bia, for saying she doesn’t know Burna Boy, Wizkid, Davido
VIDEO: Angry indigene calls out road contractor over substandard road project in Edo
Mourinho tells Ozil his girlfriend slept with everyone at Inter, Milan – Perez audio leaks
Naira Marley’s signee, Zinoleesky acquires brand new car
Open letter to Sunday Igboho by Yahaya Balogun
VIDEO: Will I remain single if someone sweeps over my feet with a broom?
VIDEO: Gani Adams rallies Benin Republic monarchs for Sunday Igboho
FIDIO: Ǹjẹ́ Gbogbo Akitiyan Ìjọba Láti Mú Ẹ̀yìn Olóyè Sunday Ìgbòho Balẹ̀ Yìí Tọ́ Àbí Kò Tọ́?
VIDEO: Pastor Tunde Bakare declares National Movement
VIDEO: CCTV footage of nine-year-old suspect setting Prince Ebeano supermarket in Abuja on fire
VIDEO: Bandits release 28 abducted students of Bethel Baptist High School
VIDEO: Ladipo Market traders clash with security operatives
VIDEO: I passed through a lot in Oman, assaulted, owed wages, drugged and deported – Funmilayo Fehintola
News13 hours ago
FG ready to support states on e-governance, digital transformation – Pantami
Entertainment23 hours ago
BBNaija: Why I respect Angel – Cross
Sports2 hours ago
Tokyo Olympics: History as Oborududu wins Nigeria’s first-ever wrestling medal
Entertainment23 hours ago
BBNaija: Maria was first lady that caught my attention – White Money
Breaking23 hours ago
JUST IN: Ex-Kano Gov Shekarau loses five-month-old daughter, buries her in Dubai
Entertainment23 hours ago
I’ll rather feature Wizkid than Drake – Skepta
Uncategorized24 hours ago
Kaduna shifts Local Government poll to September 4
Sports11 hours ago
JUST IN: Ese Brume wins Nigeria’s first medal at Tokyo Olympics