CBN Issues New Circular: “Don’t Panic, We Have Enough FX”


Nairametrics| A friend of Nairametrics once remarked “A Circular a day, keeps speculators away”. It appears the CBN is determined to stick to that mantra.

The CBN on Friday issued a new circular to the public intimating that it had sold enough FX to commercial banks to resell to retail buyers looking for PTA, School fees or Medicals.

Here are highlights of the circular

  • Customers are being frustrated by banks who inform them that they do not have forex to sell
  • CBN denies this claim maintaining that it has been selling $80 million to banks on a weekly for onward sale to customers
  • Members of the public seeking to buy forex for the above-mentioned purposes are, therefore, advised to go to their banks and obtain their forex.
  • Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank.
  • CBN also reminds customers that the rate is N360/$1

Why the circular?

  • It appears that the CBN is responding to claims that some banks do not have FX to sell to retail buyers.
  • This has probably driven up speculations that the CBN has burnt out on selling thus depreciation the naira at the parallel market
  • Exchange rate at the black market closed at an average of N395/$1 per Nairametrics data.

You can download the circular below.

Download (PDF, 57KB)

 

 

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