Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the bank will approve legitimate foreign exchange (FX) demands that exceed the approved transaction cap, provided such applications meet stipulated requirements.
He stated this while addressing journalists over the weekend.
Speaking against the backdrop of complaints that the current FX policy which limits transactions to $5,000 may not fulfil consumers’ actual needs, Emefiele said the CBN was ready to approve requests from commercial banks to go beyond the limits if it is proven that the extra demand for FX is for legitimate purposes.
The apex bank boss further stated that the Investors and Exporters (I&E) Window of the central bank remains the major market which anyone seeking to procure or sell foreign exchange should patronise.
He urged customers to go to their banks for their FX needs, as no other rates would be recognised.
On the soon to be launched Central Bank Digital Currency (CBDC) also known as the eNaira, Emefiele assured that all approvals and mandates for the October 1 debut had been obtained.
“But it is important to note that the eNaira is not a one-off but a journey that start on October 1. October 1 marks the beginning of the eNaira journey. On October 1, a Nigerian should be able to download the eNaira App from either Google Play Store or Apple Apps Store and onboard themselves and find their eNaira wallets using their bank accounts or with cash at a registered agent located across the nation and conduct transfers.”
