CBN order banks to open FX offices at airports

The Central Bank of Nigeria, CBN has mandated banks to open Forex retail office at all major airports to ease transactions for intending travellers.

The apex bank said in its new policy action on the Foreign Exchange Market today in Abuja further said “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.”

The CBN further said it 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. The CBN expects such retail transactions to be settled at a rate not exceeding 20 percent above the interbank market rate

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