The Central Bank of Nigeria (CBN) has sold $221.37 million to 16 banks through the interbank foreign exchange (forex) market just as Nigeria’s currency continues to gain some strength.
For some days, the Nigerian naira has continued to gain some strength against the dollar.
The News Agency of Nigeria (NAN) reports that the CBN disclosed this in its Forex Forward Sales report on the second wholesale intervention, obtained by the News Agency of Nigeria on Sunday, February 26 in Abuja.
According to the reports, the move is to enable the banks meet demand for Basic Transport Allowance (BTA), school fees and medicals by customers and to ease the stress of genuine customers in obtaining foreign currencies.
The apex bank said 10 banks accessed 162.8 million dollars at a qualified bid for the United States dollars, ranging from N330 to N360 per dollar on a 30 days tenure, adding that it would mature on March 27.
“For the 60 days tenour, six banks qualified to access 58.52 million dollars with bids for the United States dollars ranging from N315 to N320.5 per dollar meant to mature on March 25, 2017.
‘’CBN recently unveiled a new policy action to make forex readily available for personal and business travels, medicals and school fees,” it said adding that it injected $370.9 million into the interbank market, through forward sales to 23 banks at a qualified bid ranging from N315 to N360 per dollar.
The CBN also disclosed that it made spot sales of 6 million dollars to four banks and sold 35 million for the payment of school fees, medicals and BTA.
The report states that about 24 hours after the announcement of the new policy, the naira firmed up at the black market from about N520 to a dollar down to the current exchange rate of N440 to a dollar as at Sunday, February 26
NAN says market analysts believe that the dollar will continue to fall until it stabilises at an average exchange rate of about N400 to a dollar.
Emmanuel Ukeje, the special adviser to CBN Governor Godwin Emefiele on financial markets, reportedly said the new foreign exchange policy would help strengthen the value of naira in the market.
He further said that to make foreign exchange readily accessible to customers, CBN had also eliminated stiff conditions in applying for BTA in banks.
He said: “The central bank has waved tax clearance provision in accessing these funds,however, your journey must originate from Nigeria.
“You cannot leave overseas and buy BTA to travel. You must have a valid ticket to travel with and a bank account as well as BVN to be recognised as a bank account holder.
“A person is entitled to basic traveling allowance every quarter and not more than 4,000 dollars and it is only those who are 18 years and above that can access it.”
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