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- The CBN has issued yet another circular informing Nigerians that all legitimate request for foreign currency for eligible transactions such as remittances for school fees, student maintenance allowances, Business Travel Allowance (BTA), Personal Travel Allowance (PTA), medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.
- This instruction comes on the heels of several email notices issued by banks over the weekend that they will no longer honour online transactions using Naira debit cards exceeding $300 per day.
- The CBN also instructed all authorized dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.
- What is however unclear is if this directive means the limit on $300 per day online transactions has been taken off.
- By definition and implication online transactions can be eligible but this directive doesn’t clarify that.
- So for example, we do not know if paying for hotel bills exceeding $300 per day abroad can be classified as “eligible”.
- We have also heard that whilst some banks reject such transactions others have actually allowed it to go through.
- Nairametrics will update readers with a view to clarifying these directives
- Meanwhile get the new circular here
