CBN Mandates DMBs to Buy and Sell Forex to Travelers Over the Counter

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Monday, May 28, 2018 /07:50 AM / CBN

In order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market, the Central Bank of Nigeria (CBN) wishes to make the following release: 

All Deposit Money Banks (DMBs) are mandated to buy and sell foreign exchange to travelers (both customers and noncustomers) upon presentation of relevant, valid travel documents such as visa and ticket OVER THE COUNTER. All travelers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN. 

All BDCs 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

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