CBN Increases Forex Allocations To Banks For SMES, Tuition Fees, Travellers

The Central Bank of Nigeria has announced an increase in foreign exchange allocations to banks to meet the requests of customers which includes an exchange for travel allowances, payment of tuition, and medical fees, among other invisible.
The CBN Governor, Godwin Emefiele, disclosed this at a meeting with the managing directors of deposit money banks over the weekend while warning banks to desist from denying customers, particularly travelers, the opportunity to purchase foreign exchange.

Confirming the decisions made at the meeting, the Acting Director Of   Corporate Communications Department at the CBN, Osita Nwanisobi, said the CBN agreed to increase the amount allocated to banks for travelers, small and medium enterprises among others.

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