13 February 2018

Nigeria: CBN Enforces Abolishment of Forex Charges, Issues Circular

Following the agreement of the Bankers Committee last week to stop the collection of charges and fees on the sale of foreign exchange for invisibles, the Central Bank of Nigeria (CBN) yesterday issued a circular to that effect.

The circular signed by the CBN's director, Trade and Exchange Department W.D. Gotring titled "Charges on the Sale of Foreign Exchange for Invisible Transactions" directed all banks to comply with the directive immediately.

"All authorized dealers are hereby informed that the charging of commissions on retail foreign exchange transactions such as business travel allowance (BTA), personal travel allowance (PTA) medical and school fees have been abolished," the circular read.

The Bankers Committee which is made up of chief executives of banks and regulators in the financial industry, rising from its meeting last week agreed that customers buying foreign exchange from banks for the payment of school fees, medical bills or personal and business travel allowance are not to pay extra charges for the purchase.

The CBN director, Banking Supervision, Ahmed Abdullahi urged customers to report any bank that sells above N360 to the dollar or imposes charges and commissions. The committee has also pegged the buying rate of dollars for invisibles at N360, urging customers to patronise banks for their foreign exchange demands. Some banks had been charging commissions on forex bought by customers for invisible.

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