Don’t buy from any bank that sells above N360 for 1$ — CBN

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[CBN]–The Central Bank of Nigeria has advised customers not to “accept to buy forex from any bank at more than the currently prescribed rate of N360/$1”

The apex bank gave this advise when issuing out telephone line and email address customers can contact if denied access to foreign exchange for medical bill and school fees by any commercial bank.

The customers have been advised to either call 07002255226 or send an email to cpd@cbn.gov.ng.

The provision is made particularly for customers buying foreign exchange for school fees and medical fees.

“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.

“Furthermore, no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360/$1” CBN statement added.

The apex bank added that the aggrieved customer should name the bank and branch of the non-cooperating bank.

Acting Director, Corporate Communications of CBN, Mr. Isaac Okorafor, while debunking the claim of some banks that the CBN was not allocating enough foreign exchange to them for BTA, PTA, tuition and medical fees, stated that “all banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demands for BTA, PTA, tuition and medical fees.”

He then advised customers to report any defaulting bank as necessary sanctions would be invoked on erring banks, adding that information has reached the apex bank that “some customers seeking to buy foreign exchange for BTA, PTA, medical and school fees were being frustrated by some banks.”

Okarafo said, “indeed on a weekly basis, the CBN has been selling at least $80 million to banks for onward sale to their customers for these invisible items.

“Thus, 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.”




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