MAY 28, 2018: OVER THE COUNTER FOREX SALE

The Central Bank of Nigeria, over the weekend, directed all Deposit Money Banks to sell foreign exchange to travellers over the counter with immediate effect.

According to CBN Acting Director, Corporate communications, Mr Isaac Okorafor, all such banks are to meet any customers demands immediately upon presentation of relevant documents like visa and tickets.

And it must be to all customers and not only customers of the banks.

In addition the Bureau De Changes all over the nation are now to bid for foreign exchange three times a week instead of the usual two. 

They are to bid compulsorily on Mondays, Wednesdays and Fridays.
Any failure to so bid will result in the review of the license of defaulting BDCs.

For the BDCs this might be a tall order since many are complaining of selling with low margin.

Meanwhile, it has been exactly a week since the foreign exchange position of Nigeria was published on the website of the Central Bank of Nigeria.

Another visit to the site today still shows May 21 2018 as the most current daily figure. 

It is hard to tell if the non-piblication is temporary or represents a change in policy as far as forex management and related information dissemination is concerned.

However, with the new OTC policy and trice a week bid, the CBN seems to be saying that there are no issues with forex supply to meet, at least, the needs of all travellers out of Nigeria.

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