Banks in Abuja comply with CBN’s forex directive to sell dollar at N412.

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According to the new Foreign exchange (FX) regulations by the Central Bank of Nigeria (CBN), commercial banks in Abuja have set up special cash registers for foreign exchange transactions at their branches.

The News Agency of Nigeria (NAN) recalled that last week CBN stopped selling FX through the Bureau de Change Operators and announced that it is now being sold through commercial banks.

A visit by NAN correspondents to several commercial banks in Abuja on Monday showed that they were fully compliant.

Checks at Fidelity Bank, Keystone Bank and Zenith Bank, all in the central district of Abuja, show that they have all set up banking locations for foreign exchange transactions.

In all the banks visited, officials said dollars would be sold at the official exchange rate of N412.

They say each passenger is entitled to $4,000 per quarter for personal travel and $5,000 per quarter for business travel.

After a Monetary Policy Committee (MPC) meeting in Abuja last Tuesday, CBN Governor Godwin Emefile said the ban was necessary because parallel markets have become a conduit for the illicit forex flow and graft.

He accused BDC of exceeding its mandate to sell $5,000 a day and misappropriating the forex sector.

Following the announcement, Apex Bank directed commercial banks to immediately set up teller points to sell the forex at certain branches.

Apex Bank has also advised commercial banks to ensure that no customer is to be turned back refused money, provided that documentation and all other requirements are met.

NAN recalls that the black market dollar rose from N504 to N505 immediately after the CBN’s directive.

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