The Central Bank of Nigeria on Monday directed all banks to pay cash over-the-counter to desiring foreign exchange customers.

The directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange.

He said that the apex bank had also released the sum of $240m to meet genuine demands from users of foreign exchange.

Out of this amount, he stated that the CBN released the sum of $90m to meet requests for invisibles such as business and personal travel allowances, as well as medical and school fees.

He added that the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window.

Okorafor also disclosed that the apex bank had adjusted the sale of forex to the Bureau De Change operators to Tuesdays only in order to reduce logistical difficulties.

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

While urging the banks to oblige the genuine requests of customers, he advised customers to report any uncooperative bank to the CBN through available platforms.

The CBN has since the beginning of last month made offers and releases to the interbank foreign exchange market in its bid to sustain forex supply to different categories of users.

http://investorsking.com/cbn-directs-banks-pay-cash-forex-users/

It's better for those still hoarding dollars to go and bring them out and cut their losses. With increasing crude oil production and relative stability of the oil price, Nigeria's foreign reserve will continue to grow and there will be more cash to defend the Naira.
For banks, Lamido's treatment should be applied, they are just greedy.

Western Union nkor?

Yes its time to make the dollar more common.
The usual way of making people believe it is No way to be found is not helping matter.

Good move to alleviate the suffering of the masses in the short-term as for the way forward full-scale diversification of our economy is the only way out which will take nothing less than 20years for it to take shape properly.

Anything to that will make the naira strong is welcome by all



Check my signature

I

Good move I tell you

dem wan wound this banks

Good move but where do they put their heads before? The damage has already been done

.

Nice


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I wish this procedure will continue until Naira equate with dollar but the effect of this system is not affecting the price of foods in the market. Why?
They're looking for who to send to their village.

advantages please

Abeg make the thing dey come down. This Buhari is useless for banning this forex at the beginning

CBN changing policies everyday. They gather their economic team and proffer a lasting solution instead of this Hot and Cold move.

Ok

When will they lift the ban on card usage for international transactions?

okk

Ok

Good move...I hope

Lifestone:
It's better for those still hoarding dollars to go and bring them out and cut their losses. With increasing crude oil production and relative stability of the oil price, Nigeria's foreign reserve will continue to grow and there will be more cash to defend the Naira.
For banks, Lamido's treatment should be applied, they are just greedy.

Papa, it is called abecedarian solution to a fundamental challenge .....oil dey go up so the pump price for stations and inevitably, subsidy go enter to be paid for by the government or scarcity go return.


The real solution is to help the manufacturers meet most of the demands for foreign goods, locally even if it means partnering with those foreign manufacturers.

Good

Pls d should also lift d ban on naira card usage

Nodogragra4me:



Papa, it is called abecedarian solution to a fundamental challenge .....oil dey go up so the pump price for stations and inevitably, subsidy go enter to be paid for by the government or scarcity go return.


The real solution is to help the manufacturers meet most of the demands for foreign goods, locally even if it means partnering with those foreign manufacturers.

Son, I disagree with you. Your proposition to increase domestic production will be valid only in the long run and with other successful government policies on infrastructure, ease of doing business etc.
We need a short term response at least for now

tweetsme:
CBN changing policies everyday. They gather their economic team and proffer a lasting solution instead of this Hot and Cold move.

Nigeria has a dynamic in everything,meaning things that wld usually work easily in other countries might nt work in Nigeria.when u proffer a solution some group of persons wld jst keep looking for means to counter such for their good and not for the country..eg common jumia now wants to change there payment strategy..