THE Central Bank of Nigeria
(CBN) has pegged the buying
rate of dollars for invisible
such as school fees, medical
bills and travelling allowance,
fixing it at N360 to the dollar
whilst removing all charges
and commissions as customers
are urged to patronise banks
for their foreign exchange
Speaking at the end of the first
Bankers Committee meeting
for the year yesterday, the
managing director and chief
executive of FSDH Merchant
Bank, Mrs Hamda Amber, said
customers will get a better rate
than what is obtainable at the
Bureau de Change and parallel
The CBN sells dollars to BDC
operators at N360 to the dollar
and expect them to sell at
between N360 and N360 while
it sells to banks at N357 and
expects them to sell at N360.
However, banks had been
charging commissions on
forex bought by customers
for invisible. The Bankers
Committee which comprises
of banking industry regulators
and chief executives of banks,
yesterday scrapped the
commissions being charged
calling on customers to report
any bank that sells above
N360 to the dollar or imposes
charges and commissions.
The Bankers Committee also
noted that the period of grace
for violators of the repatriation
of forex is over as he CBN will
commenced the sanctioning of
The CBN had last year
October said it will begin to
sanction exporters who fail
to repatriate their proceeds
through the bank g system
saying they will be barred from
accessing financial services in
the country.
According to the CBN
Director, Banking Supervision,
Ahmed Abdullahi, the apex
bank wanted to give ample
time to warn defaulters before
enforcing the strict sanction.
He said sanctioning will begin
this month, February 2018.
Meanwhile he said the
foreign exchange reserves of
the country has risen to $42
billion as at yesterday, Tuesday
February 6, 2018. The 30 days
moving average of the reserves
as contained on the website of
the CBN as at February 2, 2018
stands at $40.79 billion.
Abdullahi noted that with
the growing optimism in the
Nigerian economy as well as
stable oil price, the reserves
is expected to rise further in
coming months.
The Bankers Committee also
agreed to play an active role
in the Economic Recovery
and Growth Plan (ERGP) of
the federal government. The
managing director and chief
executive of Stanbic IBTC,
Dr Demola Shogunle noted
that banks will play an active
role in the three focal areas of
power and gas, agricultural
and transportation as well as
manufacturing and processing
identified by the government.
“Bankers committee
overwhelmingly decided to
support those focus laps as
part of our responsibility we
will try to be embedded in
the programm. The banking
community will participate
actively to the extent that it
will lead to job creation and
additional investment in the
economy” Shogunle stated.

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