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Naira to Witness Significant Improvement as CBN Orders Banks to Pay Cash to Forex Users

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The naira might witness improvement following a new directive by the Central Bank of Nigeria to banks to start paying cash to forex users.

The Central Bank of Nigeria has given a directive to all banks to pay cash over-the-counter to desiring foreign exchange customers. The order given on Monday and made public by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor will help the naira improve significantly against other currencies.

The new directive will further ease the access of customers to foreign exchange.

According to him, the had also released the sum of $240m to meet genuine demands from users of foreign exchange. Out of this amount, he stated that the CBN released the sum of $90m to meet requests for invisibles such as business and personal travel allowances, as well as medical and school fees.

He added that the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window. Okorafor also disclosed that the apex bank had adjusted the sale of forex to the Bureau De Change operators to Tuesdays only in order to reduce logistical difficulties.

He added that henceforth, the CBN would sell $10,000 only to low-end forex dealers once a week. While urging the banks to oblige the genuine requests of customers, he advised customers to report any uncooperative bank to the CBN through available platforms.

The CBN has since the beginning of last month made offers and releases to the interbank foreign exchange market in its bid to sustain forex supply to different categories of users.

 

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