Banks warn customers against violation of CBN forex directives

The Central Bank of Nigeria, (CBN), has announced that it will inject extra dollars into approved banks in order to increase the economy’s foreign exchange (forex) supply.

According to senior CBN officials, the apex bank can handle all valid transactions channelled through banks.

The black (parallel) market accounted for less than 1% of forex transactions, according to the officials, and should never be utilised to decide Nigeria’s dollar exchange rate.

The apex bank met with Ministries, Departments and Agencies, (MDAs), including airline operators, to discuss stopping the collection of foreign currency payments.

Officials also stated that anyone who collects rent in dollars would face legal action, and that those in need of dollars for international transactions should go to their banks.

Recall that at the last Monetary Policy Committee (MPC) meeting on Tuesday, July 27, 2021, the CBN hit at the Bureau-de-Changes (BDCs) for illegal forex trading and stated that it will henceforth discontinue the sale of forex to the Bureau operators in Nigeria.

The CBN governor, Godwin Emefiele, also announced a halt on the licensing of new BDC operators and further processing of their application for forex across the country.

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