Banks comply with CBN Forex directive, sell Dollar at N412 in Abuja

*Report indicates that checks at Fidelity Bank, Keystone Bank and Zenith Bank, in the Central Area of Abuja, Nigeria’s Federal Capital Territory, showed that they all had designated teller points for foreign exchange transactions, selling a Dollar for N412

Isola Moses | ConsumerConnect

In accordance with the new Foreign Exchange (Forex) regulation by the Central Bank of Nigeria (CBN), commercial banks in Abuja, Nigeria’s Federal Capital Territory (FCT) have set up dedicated teller points for Forex transactions in their branches.

Checks at Fidelity Bank, Keystone Bank and Zenith Bank, all in the Central Area of Abuja, showed that they all had designated teller points for Forex transactions, agency report said.

Report indicates that at a number of the financial institutions visited in the FCT Monday, banks officials said that the Dollar was selling at an official rate of N412.

According to them, each traveller is entitled to buy 4,000 Dollars per quarter for personal travels and 5,000 Dollar per quarter for business travels.

It is recalled that Mr. Godwin Emefiele, Governor of CBN, while speaking after recent the Monetary Policy Committee (MPC) in Abuja, disclosed that the ban was necessary to stop the use of the parallel market as a conduit for illicit Forex flows and graft in the country.

Emefiele had indicted the Bureau De Change (BDC) operators of surpassing their mandate by selling 5,000 Dollars per day, while abusing the Forex sector of the Nigerian economy.

Sequel to the announcement, the Bankers’ Bank directed commercial banks to immediately set up teller points in designated branches for the sale of Forex in the country.

It also urged commercial banks to ensure that no consumer of financial products and services was refused Forex, provided that such a consumer’s documentation and all other requirements are satisfactory.

However, the Dollar reportedly had increased to N505 from N504 in the black market immediately after the CBN’s directive last week.