The figure was arrived at following a 0review by this newspaper of all the official data of FX sales released to the public by the CBN within the period. The FX sales were intended to cover for personal and business travels, medical needs, and school fees, futures market and other approved transactions.
Central Bank Of Nigeria: The CBN expects such retail transactions to be settled at a rate not exceeding 20 percent above the interbank market rate. Travel Allowances Having cleared the historic backlog of matured letters of credit at the inception of the current flexible exchange rate system, the CBN would immediately begin to provide foreign exchange to all commercial banks to meet the needs of both personal travel allowances PTA and business travel allowances BTA for onward sale to customers.
All banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.
School and Medical Fees 1 Similarlythe CBN would meet the needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. Such payments must be made by commercial banks directly to the institution specified by the customer.
The CBN would ensure that this process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand. This would also apply to customers seeking to make payments, or purchase foreign exchange, for medical bills and paid directly to hospitals.
Forward Sales Tenor 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 days, to no more than 60 days from the date of transaction.
FX Sales at Major Airports In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit.
Begin implementing its articulated program to clear all the unfilled orders in the interbank FX market; b. Implement an effective intervention programme to support the inter-bank market to ensure adequate liquidity necessary to deliver an efficient FX market; d. The Bank therefore encourages market participants to assist in ensuring that these new measures engender the preservation of our external reserves, stability of our financial system, and growth of our economy to the benefit of all Nigerians.
Director, Corporate Communications 3 Related Publications.For instance, within a period of seven months between June and December of , Business Travelling Allowance (BTA) and Personal Travelling Allowance (BTA) alone accounted for $,, of our forex expenditure.
The Central Bank of Nigeria (CBN) in apparent response to the cries of Nigerian over the suffering occasioned by the scarcity of foreign exchange, has released some amendments to the current policy.
Central Bank of Nigeria, CBN, has released some amendments to the current foreign exchange policy. In a statement on Monday by its Acting Director of Corporate Communications, Isaac Okorafor, the.
This, according to CBN, was to strengthen the naira and ensure eligible travelers in the country are able to access forex for the Business Travel Allowances (BTA), Personal Travel Allowances (PTA.
Vanguard News Nigeria. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy.
In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately.