FOREX: CBN to monitor banks for compliance, reassures customers

The Central Bank of Nigeria (CBN) Monday assured members of the banking public that it will monitor the commercial banks to ensure they meet the legitimate Foreign Exchange (FX) demands of customers.

This followed the apex bank’s recent directive to commercial banks to sell FX to customers, for invisibles, including basic travel allowance, PTA, medical and tuition, among others.

The bank also dismissed speculations that it planned to convert the foreign exchange in domiciliary accounts of customers into naira.

CBN acting Director, Corporate Communications, Mr. Osita Nwanisobi, told journalists in Abuja that the apex bank had put in place monitoring mechanism to guarantee the seamless sale of foreign exchange to customers who supported their requests with relevant documentation.