Banks to pay dollar cash to desiring customers

•CBN boosts forex supply by $240m

In a bid to further ease the access of customers to dollars, the Central Bank of Nigeria (CBN) on Monday, April 3, 2017, has directed all banks to pay cash over the counter to desiring foreign exchange customers.

Before now, banks do not pay customers dollar in cash, over the counter, especially from western union.

Customers were required to have a naira account with banks or receive naira equivalent.

While urging the banks to oblige the genuine requests of customers, the Bank’s Acting Director in charge of Corporate Communications, Isaac Okoroafor, advised customers to report any uncooperating bank to the CBN through available platforms.

This is just as the apex bank has released the sum of $240 million dollars to boost dollar supply in the forex market.

This amount according to the bank, comprised $90 million to meet requests for invisibles such as Basic Travel Allowance (BTA)/Personal Travel Allowance (PTA), medical and school fees as well as $150 million to authorized foreign exchange (forex) dealers in the interbank wholesale auction window.

Okoroafor confirmed the figures, disclosing that the CBN had adjusted BDC sale days to Tuesdays only to reduce logistical difficulties.

He added that henceforth the apex Bank would sell $10,000 only to low-end forex dealers once a week.

It will be recalled that the CBN in the recent months has made offers and releases to the inter-bank forex market in its bid to sustain foreign exchange rule supply to different categories of users.

Meanwhile, the CBN spokesman expressed optimism that the sum of $150 million offered to authorised forex dealers in the interbank wholesale window to meet the requests of genuine wholesale customers would be fully subscribed at the auction as was the case at the last auction on March 28, 2017.