Friday, 7 August 2015

Briefly: CBN Covers Legitimate Requests for Forex

The Central Bank of Nigeria (CBN) has issued a statement that legitimate transaction that require foreign currencies will be accommodated by the apex bank despite the ban on cash deposit into domiciliary accounts.

According to the CBN Director for Trade and Exchange, Olakanmi Gbadamosi, “individuals that wish to source foreign currency for eligible and legitimate purposes such as business travel allowance (BTA), personal travel allowance (PTA), medical, mortgage, school fees, goods etc can do so through recognised channels with the use of Form A for invisible and Form M for visible transactions.”

In his circular of August 5, Gbadamosi had said the CBN was keen to stop all illicit financial flows in the Nigerian banking system in alignment with the anti- laundering stance of the Federal Government.

Meanwhile, CBN will today formally seek the cooperation of the deposit money banks in its current effort at sanitising the foreign exchange market as it parleys with banks in Lagos today.
Credit: Businessday

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