Forex: CBN warns banks against Sabotage

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Forex: CBN warns banks against Sabotage

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Commercial banks operating within the Nigerian environment have been warned by the apex bank to eschew sabotage of it efforts at making forex accessible to end users.This call was made in a statement issued Monday by the Central Bank of Nigeria’s Acting Director, Corporate communications, Mr Isaac Okorafor.According to him, CBN has received complaints from consumers over frustrations which they go through in getting foreign exchange for invisible items like tuition fee, medical, personal and business travel allowances. The statement urged commercial banks and other dealers in forex to desist from negative tendencies while urging the general public to report to it any bank that failed to meet customers’ needs after due documentation. Mr Okoroafor, in the statement, revealed CBN’s determination to deal with any official or institution found culpable in sabotaging the operations of foreign exchange market in whatever guise. The CBN statement entitled, “there is adequate forex for PTA, BTA, tuition and medical fees” emphasized that, information reaching the CBN reveals that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for the listed invisibles. In rounding up, Okorafor said that the CBN was again set to inject more dollars into the system so as to sustain the provision of liquidity in the forex market in order to enhance accessibility and affordability for genuine end-users.  

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