CBN Forex Directive: Banks sell dollar at N412

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In compliance with the new forex regulation by the Central Bank of Nigeria (CBN), banks in Abuja have set up teller points for foreign exchange transactions, with $1 selling for N412.

The parallel market rate is $1 at N515 this afternoon, according to abokifx.com.

Last week, the CBN stopped sales of forex to bureau de change operators and announced foreign exchange would now be sold through commercial banks.

A visit to some commercial banks in Abuja on Monday by NAN showed that they complied with the directive.

Checks at Fidelity Bank, Keystone Bank, and Zenith Bank, all in the central area of Abuja, showed that they all had designated teller points for forex transactions.

At all the banks visited, officials said that the dollar was selling at an official rate of N412. They said each traveller was entitled to buy $4,000 per quarter for personal travels and $5,000 per quarter for business travels.

Speaking after the Monetary Policy Committee (MPC) meeting last Tuesday in Abuja, CBN governor Godwin Emefiele said the ban was necessary because the parallel market had become a conduit for illicit forex flows and graft.

He accused the BDCs of going beyond their mandate of selling $5,000 per day and abusing the forex sector. After the announcement, the apex bank directed commercial banks to immediately set up teller points in designated branches to sell forex.

The apex bank further advised commercial banks to ensure that no customer was turned back or refused forex, provided that documentation and other requirements were satisfied.

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