CBN Releases $240m to Banks, Forex Dealers

By Modupe Gbadeyanka

On Monday, April 03, 2017, the Central Bank of Nigeria (CBN) said it released the sum of $90 million to banks to enable them meet the forex demands of customers intending to make payments for medicals, BTA or school fees.

Spokesman of the lenders’ bank, Mr Isaac Okorafor, disclosed that the CBN offered a total of $150 million to licenced foreign exchange dealers in the interbank wholesale auction window.

He noted that the BDC sale day has been moved to Tuesdays to ease logistical difficulties.

According to him, the CBN will now sell $10,000 only to low-end forex dealers once a week.

Mr Okorafor urged customers to report any bank not cooperating to report to the CBN through available platforms.

However, he advised banks to oblige the genuine requests of customers.

He said banks have been directed to pay cash over the counter to desiring foreign exchange customers.