The Central Bank of Nigeria, CBN, has released a new foreign exchange policy in the country with immediate effect.
The new policy is sequel to last Thursday’s directive by the National Economic Council, NEC, for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.
The CBN said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.
In this regard, the Central Bank of Nigeria, CBN has mandated banks to open Forex retail office at all major airports to ease transactions for intending travellers.
The apex bank said in its new policy action on the Foreign Exchange Market today in Abuja further said “In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit.”
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