The Central Bank of Nigeria has said, as part of its efforts to
alleviate the sufferings experienced by Nigerians, who source forex for
school fees, medicals and personal traveling allowance (PTA), it has
decided to fund banks directly with additional forex to satisfy their
obligations .
Acting Director, Corporate Communications, CBN, Isaac Okoroafor, who
dropped this hint when he was featured as a guest on Arise News Network,
a sister company of THISDAY, also gave the assurance that with the
gradual improvement in local production and the economy in general, the
value of the naira measured against the United States dollar would
strengthen.
Preparatory to providing the additional forex, the CBN had, last
Thursday, pegged the exchange rate for payment of the school fees, and
personal travel allowance (PTA) and medicals at N375 to the dollar. This
new rate as quoted by a source will take effect from Monday.
According to Okoroafor, “The Central Bank of Nigeria has taken a
decision to directly fund banks with additional foreign exchange to be
able to take care of some personal travel allowance, school fees and
medical payments. With that, we have tried to set an exchange rate for
those transactions at 20 per cent above the interbank rate – that is, 20
per cent above the interbank rate that ranges between N305 and N315.”
The CBN spokesman advised Nigerians, who have legitimate reasons to
procure forex to approach their banks, where their needs would be cater
for rather than go to the parallel market. “The banks have been directed
to sell to all the people that will come up for it and they actually
have been directed to open up avenues at the airport so that they can
deal with these demands,” he said
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