Small and Medium Enterprises (SMEs) and travellers are set to get more foreign exchange (FOREX) as the Central Bank of Nigeria (CBN) says it will make more FOREX available to banks.
The apex bank said the increase in FOREX allocation was specifically to cater to the demands for the same by small business operators and travellers.
CBN spokesman, Osita Nwanisobi, in a statement, said this was one of the decisions reached at a meeting headed by CBN governor, Godwin Emefiele, and attended by managing directors of Deposit Money Banks (DMBs), during the weekend.
He said travellers will be given the opportunity to purchase FOREX for personal travel allowance (PTA), basic travel allowance (BTA), tuition fees, and medical payments and that the FOREX allocation will also cater for SMEs transactions or for the repatriation of foreign direct investment (FDI) proceeds.
“The CBN agreed to increase the amount allocated to banks for travellers, Small and Medium Enterprises among others.
“The banks also agreed to operate something akin to foreign exchange import account such that the coffers of banks will be replenished so long as they retire the initial amounts to the satisfaction of the CBN.
“We wish to assure members of the public that the CBN shall continue to monitor market developments and is committed to ensuring an efficient FX market for all legitimate users,” ,” the statement read in part.
Nwanisobi said the CBN remains committed to ensuring liquidity in the foreign exchange market to meet genuine and legitimate demands of customers and urged members of the public to visit the customer service representatives of their designated banks should they encounter any difficulty.
