CBN refutes banks’ claim of dollar shortage

The Central Bank of Nigeria (CBN) has declared as totally untrue the claim by some deposit money banks of shortage in supply of dollar for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), tuition and medical fees.

This is against the backdrop of the information that some customers seeking forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees.

“This claim is totally untrue. All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. Indeed, on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items”, Isaac Okorafor, acting director, corporate communications said in statement.

He advised embers of the public seeking to buy forex for the above-mentioned purposes are, to go to their banks and obtain their forex.

“Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to [email protected], with the name and branch of the non-cooperating bank.

Furthermore, no customer should accept to buy forex from any bank at more than the CURRENTLY prescribed rate of N360/$1”, he added.