FOREX: CBN sales $221.37m to 16 banks for BTA, School fees, others

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FOREX: CBN sales $221.37m to 16 banks for BTA, School fees, others

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The Central Bank of Nigeria (CBN) says it has sold 221.37 million dollars to 16 banks through the interbank foreign exchange (forex) market.
Emefiele

Emefiele

The apex bank made this disclosure in Abuja in its Forex Forward Sales Report on the second wholesale intervention.It said the move was to enable banks meet demand for Basic Transport Allowance (BTA), school fees and medicals by customers and to ease the stress of genuine customers in obtaining foreign currencies.The bank said 10 banks accessed 162.8 million dollars at a qualified bid for the United States dollars, ranging from N330 to N360 per dollar on a 30 days tenour, adding that it would mature on March 27.“For the 60 days tenour, six banks qualified to access 58.52 million dollars with bids for the United States dollars ranging from N315 to N320.5 per dollar meant to mature on March 25, 2017. “CBN recently unveiled a new policy action to make forex readily available for personal and business travels, medicals and school fees,’’ it said.CBN further said it injected 370.9 million dollars into the interbank market, through forward sales to 23 banks at a qualified bid ranging from N315 to N360 per dollar.The apex bank also disclosed that it made spot sales of 6 million dollars to four banks and sold 35 million for the payment of school fees, medicals and BTA.Mr Emmanuel Ukeje, the Special Adviser to CBN Governor on Financial Markets, said the new foreign exchange policy would help strengthen the value of naira in the market.Ukeje further said that to make foreign exchange readily accessible to customers, CBN had also eliminated stiff conditions in applying for BTA in banks.“The central bank has waved tax clearance provision in accessing these funds, however, your journey must originate from Nigeria.“You cannot leave overseas and buy BTA to travel. You must have a valid ticket to travel with and a bank account as well as BVN to be recognised as a bank account holder.“A person is entitled to basic traveling allowance every quarter and not more than 4,000 dollars and it is only those who are 18 years and above that can access it.” he said. 

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