CBN assures banks customers of seamless Forex transactions

Following its directive on the sale of foreign exchange by commercial banks for Invisibles such as basic travel allowance, PTA, medical and tuition, the Central Bank of Nigeria (CBN) has assured bank members of the banking public that it will monitor the Deposit Money Banks (DMBs) to ensure that they meet the legitimate Forex demands of customers.

The apex bank also dismissed speculations that it planned to convert the foreign exchange into domiciliary accounts of customers into naira.

Speaking with the newsmen in Abuja on Monday, the Bank’s Acting Director of Corporate Communications, Osita Nwanisobi disclosed that the CBN had put in place a monitoring mechanism to guarantee the seamless sale of foreign exchange to customers who supported their requests with relevant documentation.

He said the CBN had also extracted the commitment of the banks, through their Chief Executive Officers, that customers with legitimate requests will not be turned back.

Meanwhile, Nwanisobi dismissed insinuations in some quarters that the CBN planned to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check purported shortage of availability of the United States dollars.

Nwanisobi, while disclosing that the CBN never planned to tamper with the foreign exchange deposits in the accounts of customers, insisted that those making such allegations were criminal speculators whose intention was to create panic in the foreign exchange market.

According to him, at no time did the CBN ever suggest or imply that it would tinker with the foreign exchange deposits of customers.

He, therefore, urged operators of domiciliary accounts and other members of the banking public to go about their legitimate foreign exchange transactions and disregard fictitious stories aimed at pitching them against the Bank and triggering chaos in the system.

It would be recalled that the CBN Governor, Godwin Emefiele at his post-Monetary Policy meeting (MPC) briefing on Tuesday, July 27, 2021, disclosed that the CBN would stop the weekly sale of foreign exchange to Bureaux de Change (BDCs) and that deposit money banks would henceforth sell to customers to meet their foreign exchange needs.

Sequel to the instruction, Banks Chief Executives met at the weekend and affirmed their readiness to meet the foreign exchange demands from genuine Foreign Exchange (FX) end-users as directed by the Central Bank of Nigeria (CBN).