We reported on Monday that the Central Bank of Nigeria (CBN), released a new foreign exchange policy in the country with immediate effect, saying in order to ease the difficulties encountered in obtaining funds for forex transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.
According to the nation’s apex bank, below are 11 benefits the new foreign exchange policy is expected to bring to Nigerians if efficiently implemented by the CBN.
1. FOREX to be provided directly to Nigerians through deposit money banks.;
2. CBN to fund personal and business travels;
3. FOREX for school fees by Nigerian students to be paid directly to specified institutions through banks;
4. Medical bills by Nigerians to be paid directly to the specified hospitals abroad through the banks;
5. All retail transactions to be settled at a rate not exceeding 20 per cent above the prevailing inter-bank market rate.
6. Banks to receive FOREX to be sold to customers commensurate with their demand per week;
7. Supply of FOREX to retail end-users to be sustained by the CBN;
8. CBN’s forward sales tenor significantly reduced from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction;
9. Banks to open FOREX retail outlets at major airports to ease travelers’ burden and ensure settlement on transactions;
10. Give priority FOREX allocation to the manufacturing sector;
11. Allocation/utilisation rules on commercial banks removed.
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