CBN directs banks, BDCs to sell Forex to eligible travellers over the counter


The Central Bank of Nigeria (CBN) has directed all commercial banks and Bureau de Changes (BDCs) to sell foreign exchange (Forex) to all eligible travelers over the counter, regardless of their customer status.
The CBN in a statement on Sunday by its spokesperson, Isaac Okoroafor, said banks and BDCs were obliged to sell Forex to all persons wishing to travel on presentation of relevant travel documentations.
Mr Okorafor warned that any bank or BDC that fails to strictly adhere to the directive would be sanctioned.
Titled “Sale of Forex to Travellers Over the Counter” the statement said the directive was necessary to ensure eligible travelers were able to access Forex and make liquidity available in the market.
The statement read: “All Deposit Money Banks (DMBs) are mandated to buy and sell foreign exchange to travellers (both customers and non-customers) upon presentation of relevant, valid travel documents, such as visa and ticket Over-The-Counter.
“All travellers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN.
“All BDCs (bureaux) 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. Compliance is Compulsory.”