The Central Bank of Nigeria (CBN) has entered into plans to increase the amount of foreign currency allocated to banks to meet customer demands.
This particularly concerns the requests of travelers seeking foreign currency for travel allowances, payment of tuition and medical expenses, among other unseen.
It follows a warning issued by the governor of the CBN, Mr. Godwin Emefiele, during a meeting with the managing directors of the deposit banks (DMB).
Emefiele warned them to refrain from denying customers, especially travelers, the ability to purchase currency.
This is foreign currency for the purposes of Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition and medical payments as well as small and medium business transactions ( PME) or for the repatriation of foreign direct investment (FDI) proceeds.
Sources close to the meeting held over the weekend, on the challenge faced by clients in accessing their banks’ forex, said the governor warned that the CBN would take action against any bank that denies clients the opportunity to ‘buy foreign currency for legitimate purposes.
The sources revealed that the CBN management frowned at the apparent difficulties faced by customers in accessing foreign currency through their respective banks.
This is the forex especially for the unseen ones such as PTAs and borderline demands for tuition and health needs.
According to the sources, the CBN may set up hotlines for aggrieved customers to report banks that do not sell them currency, even after providing the required documents.
The acting director of the CBN’s corporate communications department, Osita Nwanisobi, confirmed the discussions at the bank chiefs meeting on Sunday.
He said the bank remains committed to ensuring liquidity in the forex market.
It’s about responding to genuine and legitimate customer requests.
He said: “The CBN has agreed to increase the amount allocated to banks for travelers, Small and Medium Businesses among others.
“The banks also agreed to operate something akin to a currency advance account so that the banks’ coffers would be replenished as long as they withdraw the original amounts to the satisfaction of the CBN.”
Nwanisobi urged interested members of the public looking to purchase currency for PTAs, BTAs, payment of tuition or medical expenses to approach their respective banks for this purpose.
“We wish to assure members of the public that the CBN will continue to monitor market developments and is committed to ensuring an efficient forex market for all legitimate users,” he said.
He advised clients to approach customer service representatives at their designated banks if they are having difficulty.
Nwanisobi urged them to forward their complaints to the Central Bank of Nigeria via the Bank’s toll-free line: 07002255226 or email [email protected] if their requests are not met.
