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LequteMan
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Nigeria - The Central Bank of Nigeria (CBN) has directed banks in the country to pay for their dollar purchases 48 hours in advance.
As part of efforts to curb foreign exchange demand, banks are now required to deposit the naira equivalent of their total forex bids to the CBN 48 hours in advance before its intervention.
This is happening a day after CBN officially barred banks in the country from accepting foreign currency cash deposits into customers’ domiciliary accounts.
After banks notified their customers on plans to stop receiving foreign currency cash deposit, the naira had appreciated against the dollar significantly.
The apex bank also advised those who have deposited foreign currencies into their accounts before the directive to either withdraw the cash as they will not be allowed to transfer the funds.
The CBN emphasised that only wire transfers to and from Domiciliary Accounts are henceforth permissible.
Individuals wishing to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. were advised to do so through recognised channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.
Daily Independent
As part of efforts to curb foreign exchange demand, banks are now required to deposit the naira equivalent of their total forex bids to the CBN 48 hours in advance before its intervention.
This is happening a day after CBN officially barred banks in the country from accepting foreign currency cash deposits into customers’ domiciliary accounts.
After banks notified their customers on plans to stop receiving foreign currency cash deposit, the naira had appreciated against the dollar significantly.
The apex bank also advised those who have deposited foreign currencies into their accounts before the directive to either withdraw the cash as they will not be allowed to transfer the funds.
The CBN emphasised that only wire transfers to and from Domiciliary Accounts are henceforth permissible.
Individuals wishing to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. were advised to do so through recognised channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.
Daily Independent
