Bankers’ committee raises concerns as CBN boosts Forex Supplies.

Written by on June 18, 2021

Nigerians travelling abroad can now access a maximum amount of $4,000 foreign exchange from the banks, following the Central Bank of Nigeria’s announcement to increase forex supplies.

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 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

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 purposes to access forex as stated by CBN included Personal Travel Allowance, Basic Travel Allowance, tuition fees, and medical payments as well as Small and Medium Enterprises transactions.

Last week, at a virtual Bankers’ Committee meeting, 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

Credit: Punch


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