Forex: CBN Gov Emefiele leads raids on banks

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday personally led a team of the bank’s examiners to raid banks in Abuja to track those violating forex sales regulations.

The unannounced raid saw the CBN governor visit the regional officers of Zenith Bank, United Bank for Africa (UBA) and First Bank of Nigeria.

The CBN conducted assessment governor, who on the spot of forex sales in the banks, warned that any bank that denied customers with legitimate need forex will be appropriately sanctioned adding that henceforth, CBN will routinely visit banks to monitor forex sales compliance.

Recall the CBN had recently ordered banks not to deny genuine travelers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) as there are enough dollar supplies to meet the demand.

There are reports that some banks have been violating the rules and forcing customers to access forex only from the street market.

“The banks must sell forex to anybody that walks into them. This is deliberate whether it is a customer or non-customer of that bank. It is the bank’s primary responsibility to provide foreign currency for travellers. All that you need are your passport, visa, and traveling return ticket,” Emefiele said.

He also said all those in need of forex must be attended to at the counter. “You are not expected as a customer or a non-customer to just deposit your documents and go away. You are expected to be attended to over the counter,” he said.

After the assessment, Emefiele said he was satisfied with the compliance level in the banks’ branches visited. “I must say that I am happy. I would have wished I saw a long queue of people trying to buy BTA from the banks.”

He also assured of enough forex for travellers. “I use this opportunity to tell all Nigerians that all the banks are stocked with foreign currency and people should not have any problem going to any bank, walk in and buy dollar. The price is N360 to the dollar,” he said.

“The essence of being here is to make sure that the banks are able to service not just their customers but also noncustomers. The banks are the primary point where anybody who wants foreign exchange to travel should come to. This inspection is an unannounced one. It will continue for some time until the banks do what they are asked to do,” the CBN governor promised.