NEWS

CBN Increases Forex Allocations to Banks

By Our Reporter

The Central Bank of Nigeria on Monday, June 7, 2021, announced an increase in foreign exchange allocations to banks to meet the requests of customers.

These requests include travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other invisible.

The CBN Governor, Godwin Emefiele, disclosed this at a meeting with the Managing Directors of Deposit Money Banks.

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Emefiele cautioned the banks to desist from denying customers, particularly travellers, the opportunity to purchase foreign exchange, adding that CBN would take action against any bank that denied customers the opportunity to purchase foreign exchange for legitimate purposes.

According to sources at the meeting, the Governor pegged the purposes for this foreign exchange as Personal Travel Allowance, Basic Travel Allowance, tuition fees, and medical payments as well as Small and Medium Enterprises, transactions or for the repatriation of Foreign Direct Investment proceeds.

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