In the face of galloping Naira at N520 to the dollar, the Central Bank of Nigeria has rolled out new guidelines to ease the pressure on demand and give end users a relief in sourcing forex for sundry social and business matters, which range from payment of school fees, health care charges, business transactions.
Corporate Communications head, Mr Isaac Okoroafor in a statement said the apex bank would punish banks or their staff who stand in the way of the new regulation.
He said: “In order to further increase the availability of foreign exchange to all end-users, the CBN has decided to significantly reduce the tenor of its forward sales from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction.
“The CBN also directed all banks to open foreign exchange retail outlets at major airports as soon as logistics permit.
“This directive, it stated, was in order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates,
To maintain confidence in the forex market, the CBN announced it would “immediately begin implementing its articulated program to clear all the unfilled orders in the interbank forex market.
“ Given our plan to meet all unfilled orders, and while provision of forex to the manufacturing sector would remain the CBN’s strong priority, we will no longer impose allocation/utilization rules on commercial banks.”