CBN Disburses $221.37m For BTA, School Fees
The
Central Bank of Nigeria (CBN) says it has sold 221.37 million dollars to
16 banks through the interbank foreign exchange (forex) market.
The apex bank disclosed this in its Forex
Forward Sales Report on the second wholesale intervention, obtained by
the News Agency of Nigeria on Sunday in Abuja.
It said that the move was to enable the
banks meet demand for Basic Transport Allowance (BTA), school fees and
medicals by customers and to ease the stress of genuine customers in
obtaining foreign currencies.
The bank said 10 banks accessed 162.8
million dollars at a qualified bid for the United States dollars,
ranging from N330 to N360 per dollar on a 30 days tenour, adding that it
would mature on March 27.
‘’For the 60 days tenour, six banks
qualified to access 58.52 million dollars with bids for the United
States dollars ranging from N315 to N320.5 per dollar meant to mature on
March 25, 2017.
‘’CBN recently unveiled a new policy
action to make forex readily available for personal and business
travels, medicals and school fees,’’ it said.
CBN further said that it injected 370.9
million dollars into the interbank market, through forward sales to 23
banks at a qualified bid ranging from N315 to N360 per dollar.
The apex bank also disclosed that it made
spot sales of 6 million dollars to four banks and sold 35 million for
the payment of school fees, medicals and BTA.
NAN reports that about 24 hours after the
announcement of the new policy, the naira firmed up at the black market
from about N520 to a dollar down to the current exchange rate of N440
to a dollar as at Sunday.
Market analysts believe that the dollar
will continue to appreciate until it stabilises at an average exchange
rate of about N400 to a dollar.
Mr Emmanuel Ukeje, the Special Adviser to
CBN Governor on Financial Markets, said the new foreign exchange policy
would help strengthen the value of naira in the market.
Ukeje further said that to make foreign
exchange readily accessible to customers, CBN had also eliminated stiff
conditions in applying for BTA in banks.
“The central bank has waved tax clearance
provision in accessing these funds,however, your journey must originate
from Nigeria,” he said.
“You cannot leave for overseas and buy
BTA to travel. You must have a valid ticket to travel with and a bank
account as well as BVN to be recognised as a bank account holder.
“A person is entitled to basic traveling
allowance every quarter and not more than 4,000 dollars and it is only
those who are 18 years and above that can access it,” he said.
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