CBN directs banks to sell forex at N360/$1

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The Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs) to comply with the agreement of the Bankers Committee to begin sale of foreign exchange for invisibles at N360 per dollar, as well halt collection of charges and fees on such forex sales

The circular signed by the CBN’s director, Trade and Exchange Department W.D. Gotring, titled, “Charges on the Sale of Foreign Exchange for Invisible Transactions”, ordered all banks to comply with the directive immediately.

According to Gotring, “All authorized dealers are hereby informed that the charging of commissions on retail foreign exchange transactions such as business travel allowance (BTA), personal travel allowance (PTA) medical and school fees have been abolished.”

The Bankers Committee which is made up of chief executives of banks and regulators in the financial industry, rising from its meeting last week agreed that customers buying foreign exchange from banks for the payment of school fees, medical bills or personal and business travel allowance are not to pay extra charges for the purchase.

The Bankers committee of the CBN last week directed commercial banks to stop commission charges from end-users on sales of PTA, BTA, among others, as foreign exchange rate now hamonised at N360 to the Dollar.

Speaking to the journalists on behalf of the committee, Managing Director/CEO of FSDH Merchant Bank, Mrs. Hamda Ambah, explained that the uniform sales at the invisible market will serve as palliative measures for individual Nigerians to access foreign exchange without commission charges by banks for such foreign exchange sales.

According to her, “One of the things that we agreed at the meeting was something we measured that will be palliative for individual in the economy. It was agreed that for foreign exchange at banks sale with CBN authority to their clients- PTA, BTA, school fess and for medical bills.

The committee has also pegged the buying rate of dollars for invisibles at N360, urging customers to patronise banks for their foreign exchange demands. Some banks had been charging commissions on forex bought by customers for invisible.

The CBN director, Banking Supervision, Ahmed Abdullahi urged customers to report any bank that sells above N360 to the dollar or imposes charges and commissions.

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