Central Bank of Nigeria directs commercial banks to pay money to forex users

The Nigeria Apex Bank on Monday instructed all Commercial banks to pay dollars cash over-the-counter to foreign exchange customers.

Mr. Isaac Okorafor the Acting Director Corporate Communications Department, CBN said that the central bank had also released the sum of $240m to meet genuine demands from users of foreign exchange.

The Acting Director stated that the Central Bank has released the sum of $90m to meet demand for invisibles such as business and personal travel allowances, as well as medical and school fees.


Okorafor also disclosed that the central bank had adjusted the sale of forex to the Bureau De Change operators to Tuesdays only in order to reduce logistical difficulties and the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window.

Henceforth,the CBN would sell $10,000 only to low-end forex dealers once a week.he said”

He urged the commercial banks to comply with the genuine requests of customers, he advised customers to report any bank who fails in accordance to the CBN through available platforms.