Forex: CBN Warns Banks Against Sabotage

The Central Bank of Nigeria (CBN), has warned commercial banks operating in the country against sabota-ging and undermining its efforts aimed  at making life easier for foreign  exchange end-users.
A statement issued on Monday by the Banks’ Acting Director, Corporate communications, Mr Isaac Okorafor said that CBN has received complaints from consu-mers over frustrations  which they go through in getting foreign exchange for invisible items like tuition fee, medical, personal and business travel allowances.
The statement urged commercial banks and other dealers in forex to desist from negative tendencies while urging the general public to report to it any bank that fails to meet customers needs after due documentation.
The statement reiterated CBN’s determination to deal with any official or institution found culpable in  sabotaging the operations of foreign exchange market in whatever guise.
The CBN statement entitled, “there is adequate forex for PTA, BTA, tuition and medical fees” emphasized that, information reaching the CBN reveals that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for the listed invisibles.
Okorafor, further added that the CBN is again set to inject more dollar into the foreign exchange (forex) market with a view to sustaining the provision of liquidity in the forex market in order to enhance accessibility and affordability for genuine  end-users.

Philip Okparaji