CBN Increases Forex Allocation to Banks

Obinna Chima

The Central Bank of Nigeria (CBN) yesterday announced the increase of foreign exchange (forex) allocations to banks to meet the requests of customers, particularly travellers, seeking forex for travel allowances, payment of tuition and medical fees, among other invisibles.

The moves followed the warning by the CBN Governor, Mr. Godwin Emefiele, at a weekend meeting with managing…

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