The Exchange Rate Would Return To N423/$1- Bankers Committee

The Bankers Committee has assured Nigerians that the exchange rate will drop to around N423 to a dollar.

The Committee headed by Herbert Wigwe, Access Bank’s Chief Executive Officer addressed the media on Thursday following a directive to stop the sale of forex to Bureau De Change operators, by the Central Bank of Nigeria (CBN).

According to sources close to the Committee, the Chief Executive Officer of Guarantee Holdco (GTCo), Segun Agbaje in a quest to answer the question on the rapid deprecation of the naira seen in the market yesterday and today, said, “The rate will come down. Very soon, you will buy at N423 or N425 at most.”

There was support for the notion as the Access bank, CEO, Herbert Wigwe mentioned efforts made by the CBN to facilitate the transaction process of FX, saying that the CBN has sent out circulars asking banks to set up dedicated channels for all those requesting FX.

People, he said, can begin by going to any bank branch and submitting their requests. ”There will be no additional cost charged by the banks for offering these services,” he added.

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The Central Bank of Nigeria (CBN) has announced that promoters with pending Bureau de Change (BDC) license applications would be refunded their capital deposit and licensing fees.

The Apex Bank also told all deposit money banks that clients cannot send capital deposits of N35 million into the CBN’s account in connection with BDC license proposals any longer. The CBN insisted that DMBs must set up teller points at designated branches across the country to fulfil legitimate FX requests for specific purposes.

CBN said, “DMBs are strongly advised to ensure that no customer is turned back or refused FX provided that documentation and all other requirements are satisfied. Equally, undue delays, rationing and/or diversion of FX is strongly discouraged whilst DMBs are required to establish electronic application and alert systems to update customers on the status of their FX requests.

As communicated during the briefing, a toll-free line has been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests. 

The CBN will continue to closely monitor banks’ conduct and compliance with this directive in order to ensure an efficient FX market for all legitimate users.”