Press "Enter" to skip to content

CBN Vows to Meet FX Demands of SMEs, Investors, Travellers

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has vowed to increase foreign exchange (FX) allocation to banks for Small and Medium Enterprises (SMEs), investors and travellers.

This was disclosed by the CBN Governor, Mr Godwin Emefiele, in a meeting attended by managing directors of Deposit Money Banks (DMBs).

Giving updates on the discussion, Mr Osita Nwanisobi, CBN spokesman, in a statement, said the apex bank agreed to increase forex supply to banks.

Mr Nwanisobi explained that the increase in forex allocation is meant to cater for the demand of travellers and business operators, adding that the travellers would be given the opportunity to purchase forex for personal travel allowance (PTA), basic travel allowance (BTA), tuition fees, and medical payments.

The spokesman explained further 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 imprest 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.

Mr Nwanisobi also noted that the CBN remains committed to ensuring liquidity in the foreign exchange market to meet genuine and legitimate demands of customers.

The spokesman, however, urged members of the public to visit the customer service representatives of their designated banks should they encounter any difficulty.

He maintained that members of the public can escalate complaints to the CBN via the bank’s toll-free line: 07002255226 or send an email to [email protected] if their requests are not granted

Recall that stakeholders in various sectors have asked the CBN to increase forex allocation to boost their operations.

Spread the love

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *