The Central Bank of Nigeria (CBN) on Tuesday, July 27, stopped the sales of forex to the Bureau De Change (BDC) operators in the country with immediate effect.
The CBN Governor, Godwin Emefiele, made this known after the Monetary Policy Committee two-day meeting in Abuja on Tuesday.
Techeconomy.ng can report that the MPC has retained the Monetary Policy Rate at 11.5 per cent also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively at the end of the meeting.
In his words, Emefiele said: “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”
The association, however, assured members of the public that Bureaux De Change operators are still providing foreign exchange services.
The President, ABCON, Aminu Gwadabe, made this known in a statement, saying that the recent pronouncement of the CBN did not stop BDCs from providing forex services as allowed by their operating licences.
Gwadabe said the association would engage with the CBN to address and resolve all the issues that led to the stoppage of foreign exchange sales to BDC operators.
He said: “BDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions, namely personal travel allowance, business travel allowance, payment of medical and school fees.
But in an email to its customers, First Bank of Nigeria has come out to assure its customers of availability of forex, especially for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
The email from FirstBank reads:
“Life can be filled with so many uncertainties and challenges however, getting up to $4,000 as your Personal Travel Allowance (PTA) and $5,000 for your Business Travel Allowance (BTA) quarterly shouldn’t be stressful”, if you meet these criteria.
FirstBank listed the four (major) criteria as:
- Must be 18 years and above
- Must have a valid Bank Verification Number (BVN)
- Must have a valid Nigerian passport, valid VISA and return ticket
- Travel date must not be more than 14 days from date of PTA/BTA purchase
The bank gave out this here for more on eligibility criteria and the designated branches.