The Central Bank of Nigeria, CBN, on Monday unveiled a new foreign exchange, FOREX, policy. The policy is to increase availability of FOREX to ease the difficulties Nigerians encounter in funding foreign exchange transactions.
Here are 11 benefits the new policy is expected to bring to Nigerians if efficiently implemented.
1. FOREX to be provided directly to Nigerians through deposit money banks.;
2. CBN to fund personal and business travels;
3. FOREX for school fees by Nigerian students to be paid directly to specified institutions through banks;
4. Medical bills by Nigerians to be paid directly to the specified hospitals abroad through the banks;
5. All retail transactions to be settled at a rate not exceeding 20 per cent above the prevailing inter-bank market rate.
6. Banks to receive FOREX to be sold to customers commensurate with their demand per week;
7. Supply of FOREX to retail end-users to be sustained by the CBN;
8. CBN’s forward sales tenor significantly reduced from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction;
9. Banks to open FOREX retail outlets at major airports to ease travelers’ burden and ensure settlement on transactions;
10. Give priority FOREX allocation to the manufacturing sector;
11. Allocation/utilisation rules on commercial banks removed.