Nairametrics| As part of efforts to increase the volume of dollars in the market, the Central Bank Of Nigeria (CBN) will supply Travellex $4 million dollars weekly to meet Personal Travel Allowance (PTA) for travelers using the Lagos and Abuja airports.
Travellex is an international foreign exchange company founded in London in 1976. It is the world’s largest foreign exchange bureau.
The apex bank on the 20th of February released a new foreign exchange policy, with commercial banks being supplied $2 million weekly to meet demands of customers for school fees, medical bills and travel allowances. Banks were also instructed to open outlets at airports to sell FX to customers. Since then, the CBN has pumped massive sums of foreign exchange into the market.
The CBN policy came on the heels of the recent National Economic Council (NEC) meeting where concern was expressed about the Naira going for over 500 to a dollar. Various analysts have surmised, that if the CBN continues with its current level of dollar supply, parallel market rates may drop to 400 naira to the dollar