As demand soars for forex for summer travels and Hajj Pilgrimage, the Central Bank of Nigeria (CBN) has ordered banks to sell forex to customers whether they operate accounts or not.
Similarly, the apex bank has compelled Bureau de Change (BDCs) in the country to access Foreign Exchange from it thrice a week.
These directives allow eligible travelers more access to forex, according to the Acting Director, Corporate Communications, Isaac Okorafor, who also on Sunday said would make the market more liquid.
“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,” Okorafor said.
This directive is the heel of findings by CBN of banks’ refusals to sell forex to customers for pilgrimage .
Okorafor also hinted of CBN directives to all commercial banks to sell foreign exchange to travellers whether they operate an account in the said bank or not.
This is upon the presentation of valid travel documents such as visa and travel ticket by the customer or non-customer.
“All travellers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN,” he said.
This new directive is on the heel of refusal by some banks to attend to customers seeking forex for personal, business travels and pilgrimage
CBN had on Wednesday announced of supply of enough dollars to the banks to meet needs in the invisible segment and enjoined customers to report any bank that refuses to attend to their legitimate demands within 24 hours.
Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators in Nigeria (ABCON) reacting said it would further increase the existing rate multiplicity in the market.
“Our immediate response is to call for an emergency meeting of the National Executive Council to put up our demand for clarifications. It is totally unfair to the BDC sub sector.
“Our recommendation is that the thrice market days for BDCs per week should be reviewed to twice with only the amount being reviewed up from 20,000 dollars to 30,000 dollars per market day.
“Also, both the banks and BDCs transaction rates should be merged to be the same. We also demand that BDCs should be allowed to return their unsold position to the CBN as is the practice by banks,” he said.
Gwadabe said that the association would schedule a meeting with the CBN to get more details about the new directive.
Top on the list, he said would be the trading rates under the new directive and also if the same compulsion of thrice bidding per week by BDCs also apply to the banks.
Meanwhile, the Naira had begun to depreciate against the dollar in the BDC segment.
It went from N363 to a dollar last Monday to N367 dollars as of close of market on Friday.
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