In accordance with the new foreign exchange regulations (FX) of the Central Bank of Nigeria (CBN), commercial banks in Abuja have set up dedicated counters for foreign exchange transactions in their branches.
The Nigerian News Agency (NAN) recalls that the CBN last week stopped sales of foreign currency through the Bureau of Change Operators and announced that the foreign currency would now be sold through commercial banks.
A visit to some commercial banks in Abuja on Monday by NAN showed the banks were complying with the new directive.
Checks at Fidelity Bank, Keystone Bank and Zenith Bank, all located in the central area of Abuja, showed that they had all designated counters for foreign exchange transactions.
At all banks visited, officials said the dollar was selling at an official rate of N412.
They said each traveler was entitled to buy $ 4,000 per quarter for personal travel and $ 5,000 per quarter for business travel.
Speaking after the Monetary Policy Committee (MPC) meeting last Tuesday in Abuja, CBN Governor Godwin Emefiele said the ban was necessary to end the use of the parallel market as a conduit for illicit currency flows and corruption.
He accused the BDCs of going beyond their mandate to sell $ 5,000 a day and abuse the forex industry.
After the announcement, the umbrella bank ordered commercial banks to immediately set up counters at designated branches for the sale of foreign currency.
The umbrella bank further advised commercial banks to ensure that no customers are turned away or refused exchange, provided the documentation and all other requirements are met.
NAN recalls that the dollar went from N505 to N504 on the black market immediately after the CBN directive. (NOPE)