Forex supply: CBN assures customers of banks’ compliance

The Central Bank of Nigeria has assured members of the public that it has implemented monitoring mechanisms to ensure that deposit money banks fulfill the legitimate foreign exchange demands of customers.

This follows the apex bank’s directive to commercial banks to commence the sale of forex to customers for invisibles such as basic travel allowance, personal travel allowance and medical and tuition fees.

The assurance was given by the apex bank’s acting Director in charge of Corporate Communications, Osita Nwanisobi, on Monday in a statement issued by the bank.

Speaking with business correspondents in Abuja on Monday, Nwanisobi disclosed that the CBN had put in place monitoring mechanism to guarantee the seamless sale of forex to customers who supported their requests with relevant documentation.

He added that the CBN had received the commitment of the banks, through their chief executive officers, that customers with legitimate requests would not be turned back.

He dismissed rumours making the rounds that the CBN planned to convert the forex in the domiciliary accounts of customers into naira to check purported shortage of availability of dollars.

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