Forex: Banks ordered to halt commission charges, harmonise FX rate at N360/$1

The Bankers committee of the Central Bank of Nigeria (CBN) has directed commercial banks operating in the country to stop commission charges from Nigerians on sales of Personal Travel Allowance (PTA), Basic travel Allowance (BTA), among others, as foreign exchange rate now hamonised at N360 to the US Dollar.

The bankers committee, which includes all the banks Managing Director and senior officials of the apex bank, made this disclosure in Lagos on Tuesday at the CBN Lagos office.

Speaking to the newsnen on behalf of the committe, Managing Director/CEO of FSDH Merchant Bank, Mrs. Hamda Ambah, explained that the uniform sales at the invisible market will serve as palliative measures for individual Nigerians to access foreign exchange without commission charges by banks for such forex sales.

According to her, “One of the things that we agreed at the meeting was something we measured that will be palliative for individual in the economy. It was agreed that for foreign exchange at banks sale with CBN authority to their clients- PTA, BTA, school fess and for medical bills.

“Hence forth, banks are to charge N360 per dollar and there will be no commission by banks for such sales. It is to make sure there is a uniform sales across the banking industry.”

Commenting on the economy outlook for 2018, The Director, Banking Supervision, CBN, Alhaji Ahmad Abdullahi, said the economy will sustained the 2017 growth, revealing that the nation’s foreign reserves has risen to $42 billion.
He said, “There is optimism regarding the nation’s economy fuelled by low risk rating in the debt market. Our reserves is at the highest level of about $42 billion at the moment.

The capital market is one of the best performing market in the world and inflation has been dropping. Importantly, Gross Domestic Product (GDP) growth is estimated this year at 2.1 per cent by IMF and 2.5 per cent by World Bank. The nation’s economy will be far better than that of 2018.”

Soesking on banks support for the federal government ERGP, MD/ CEO, Stanbic IBTC Bank Plc, Demola Sogunle, Said: “We were appraised by the program of the federal government regarding the ERGP and a major aspect that has to do with the federal government led to conduct focus on three selected areas to accelerate investment and jobs creations.”

He noted that the three focus areas are power & gas, agriculture and transportation and manufacturing and processing.

“Bankers committee meeting decided to support to the ERGP in those three selected area. As part of responsible for bankers committee, we will try as much as possible to be embedded in the program in the post-lab, pre-lab and post-lab. We will participate actively to led to job creation and additional investment in the economy”, he explained.

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