Forex: CBN Warns Banks, Dealers
The Central Bank of Nigeria (CBN) on Sunday warned commercial banks and other forex dealers to desist from sabotaging its efforts by ensuring that foreign exchange end users are not frustrated.
The Acting Director, Corporate Communications, of the CBN, Mr Isaac Okorafor, said in a statement that the apex bank would continue to sustain provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users
He disclosed that the bank would again, early this week, inject more foreign exchange into the market, leading to a further weakening of the dollar.
“This is in addition to the further increase in the sale of dollars to the Bureau de change operators from 8,000 dollars to 10,000 dollars per week,’’ he said
According to Okorafor, the CBN had received complaints from customers over frustrations in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance. The CBN urged the general public to report any bank that failed to meet customers’ needs after due documentation.
The naira had closed at N394 to a dollar on Friday, which translated to 10 per cent depreciation of what was recorded earlier in the week. The depreciation was attributed to the alleged hoarding of forex by banks, rather than selling to genuine customers.