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Commercial Banks In Abuja In Compliance With CBN’s FOREX Directive, Sell Dollar At N412

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On Monday, major commercial banks in Abuja and their branches sold the dollar at N412 in compliance with the new Foreign Exchange (FX) regulation by the Central Bank of Nigeria (CBN).

It would be recalled that the CBN, last week, banned the sales of FX by Bureau de Change operators, adding that that foreign exchange would now be sold through commercial banks.

According to checks by the News Agency of Nigeria (NAN), the commercial banks operated in compliance with the CBN directive.

Checks at Fidelity, Keystone, and Zenith, all in the Central Area of Abuja, showed that they all had designated teller points for FX transactions.

At all the financial institutions visited,  officials said that the dollar was selling at an official rate of N412, adding that each traveler was entitled to buy 4000 dollars per quarter for personal travels and 5000 dollars per quarter for business travels.

Speaking after the Monetary Policy Committee (MPC) meeting last Tuesday in Abuja, CBN governor, Godwin Emefiele, said that the ban was necessary because the parallel market had become a conduit for illicit forex flows and graft.

He accused the BDCs of going beyond their mandate of selling 5000 dollars per day and abusing the forex sector.

After the announcement, the apex bank directed commercial banks to immediately set up teller points in designated branches for the sale of forex.

The apex bank further advised commercial banks to ensure that no customer was turned back or refused forex, provided that documentation and all other requirements were satisfied.

(FX) regulation by the Central Bank of Nigeria (CBN).

It would be recalled that the CBN, last week, banned the sales of FX by Bureau de Change operators, adding that that foreign exchange would now be sold through commercial banks.

According to checks by the News Agency of Nigeria (NAN), the commercial banks operated in compliance with the CBN directive.

Checks at Fidelity, Keystone, and Zenith, all in the Central Area of Abuja, showed that they all had designated teller points for FX transactions.

At all the financial institutions visited,  officials said that the dollar was selling at an official rate of N412, adding that each traveler was entitled to buy 4000 dollars per quarter for personal travels and 5000 dollars per quarter for business travels.

Speaking after the Monetary Policy Committee (MPC) meeting last Tuesday in Abuja, CBN governor, Godwin Emefiele, said that the ban was necessary because the parallel market had become a conduit for illicit forex flows and graft.

He accused the BDCs of going beyond their mandate of selling 5000 dollars per day and abusing the forex sector.

After the announcement, the apex bank directed commercial banks to immediately set up teller points in designated branches for the sale of forex.

The apex bank further advised commercial banks to ensure that no customer was turned back or refused forex, provided that documentation and all other requirements were satisfied.

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