CBN asks banks to open Forex counter at airports to cater for travellers

Central Bank of Nigeria (CBN) has directed banks to open foreign exchange retail offices at major airports in the country to ease foreign exchange transaction for intending travellers.

The apex bank promises to provide more foreign exchange to the banks to meet urgent demand by Nigerians for school fees, personal and basic travelling allowances as well as medical needs immediately.

The bank directed that the foreign exchange transaction by intending travellers to be settled by banks at a rate not above 20 per cent of the inter-bank market rate.

The shift in the foreign exchange policy is coming less than a week after the National Economic Council asked the apex bank to review its foreign exchange policy to save the naira.

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