CBN directs banks to pay cash to desiring customers OTC

–boosts forex supply by $240m
…$150m for wholesale auction
…$90m for BTA, PTA, medicals, etc.
…Adjusts $10,000 BDC sale to Tuesdays only
Central Bank of Nigeria (CBN) has directed all banks operating in the country to pay cash over the counter to desiring foreign exchange customers. The apex bank has also released the sum of $90 million to meet requests for invisibles such as BTA/PTA, medical and school fees. The CBN has equally offered a total of $150 million to authorised FOREX dealers in the interbank wholesale auction window.
The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor confirmed the figures, stating 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.
According to Okorafor, in a bid to further ease the access of customers, the CBN has also directed all banks to pay cash over the counter to desiring foreign exchange customers.
While urging the banks to oblige the genuine requests of customers, the spokesman advised customers to report any uncooperating bank to the CBN through available platforms.
It will be recalled that the CBN in the recent months has made offers and releases to the inter-bank foreign exchange market in its bid to sustain forex rule supply to different categories of users.
Meanwhile, Mr. Okorafor 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.