FOREX: Stop Hoarding, You Have Enough, CBN Warn Banks

The Central Bank of Nigeria (CBN), has warned banks to stop hoarding the foreign currency sold to them for onward sale to end users.

It said enough had been consistently supplied to them, at least $80 million on weekly basis to meet customers demands for PTA, BTA, Tuition & Medical Fees.

CBN in a statement by the Acting Director, Corporate Communications, Isaac Okorafor, however, regretted that some customers seeking to buy forex for BTA, PTA, medical and school fees were being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for such purposes.

According to the CBN Spokesman, “This claim is totally untrue. All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees.

“Indeed, on a weekly basis, the CBN has been selling at least $80m to banks for
onward sale to their customers for these invisible items.”

He advised members of the public seeking to buy forex for the above mentioned purposes to go to their banks and obtain their forex.

He said, “Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank.

“Furthermore, no customer should accept to buy forex from any bank at more than the CURRENTLY prescribed rate of N360/$1.”