CBN accuses banks of dishonesty

THE Central Bank of Nigeria (CBN), on Friday, said commercial banks must, within 48 hours, attend to requests for forex from Nigerians who genuinely need it for personal travel allowance (PTA), business travel allowance (BTA), tuition and medical fees.

The apex bank, which made this known in a statement by its acting Director of Corporate Communications, Isaac Okorafor, accused banks of frustrating their clients’ request for forex by claiming that the CBN is not allocating enough forex for PTA, BTA, tuition and medicals.

Okorafor explained that on a weekly basis, the CBN had been selling “at least $80 million to banks for onward sale to their customers for these invisible items.”

He advised Nigerians “seeking to buy forex for the above-mentioned purposes to go to their banks and obtain their forex,” asking any customer not attended to within 24 hours or 48 hours “to call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank.”

He further asked Nigerians not to buy forex from any bank above the set rate of N360/$1.

“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 BTA, PTA, tuition and medical fees.

“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,” the CBN said.