Lagos, Nigeria (July 29, 2021) – The Chief Executives of Nigeria’s commercial banks today expressed their full support towards the implantation of the foreign exchange policy of direct sales of foreign currencies to commercial banks, instead of bureau de change.

The announcement of the stoppage of direct FX sales into the market via an estimated 6,000 licensed FX bureaux was made by the Central Bank Governor, Godwin Emefiele on Tuesday during his briefing on the conclusion of the two-day monetary policy committee meeting that left interest rates parameters unchanged.

At their Thursday virtual press briefing, the bank executives, says all commercial banks already have existing windows for foreign currency transactions at most of their branches across Nigeria, and would only deploy more dedicated tellers to attend to the expected increase in demand by their clientele.

Speaking at the briefing, the Managing Director and CEO of Unity Bank, Mrs Tomi Somefun says the main challenges foreseen under the new arrangement, would be the presentation of irregular or incomplete documentation by customers seeking to purchase FX. 

Mrs Somefun, however, added that all banks have agreed to centralise the processing of documentation presented by customers in order to facilitate the smooth running of the new FX transaction regime.

On the issue of adequate supply of foreign currencies to meet the expected surge in demand, the Group CEO of Access Bank, Mr Herbert Wigwe says the banks will source for additional FX via IMTOs and other independent points to augment the regular sales by the Central Bank, which is currently estimated at about $100mn every week to Bureau de Change. The Access Bank chief added that it is an anomaly for banks and BDCs to depend solely on the CBN for FX supply.

The bank executives also agreed to adhere strictly with the existing manual on FX transactions as issued by the Central Bank of Nigeria.

The bank chiefs also allay fears that many Nigerians living in far-flung areas or rural communities would find it difficult to obtain ready foreign currencies for their travel needs. The Group Chief Executive of GT Holco Plc, Mister Segun Agbaje says the banks would ensure that their branches as close to rural areas are positioned to serve FX needs, adding that most of the demand for basic travel and personal travel allowances and school fees emanate from customers who live in, or travel to big towns already to obtain relevant documents and hence would be served by bank branches in those areas.

The commercial banks says there was no need for them to obtain licenses to set up Bureau de Change as all banks already have FX licenses and permits, including structures to facilitate retail sales of foreign currencies in Nigeria.