CBN Directs Banks to Open FX Retail Outlets at Airports

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Obinna Chima

In order to ease foreign exchange burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the Central Bank of Nigeria (CBN) on Monday directed all banks to open FX retail outlets at major airports.

It also announced that it would no longer impose allocation/utilisation rules for the manufacturing sector on commercial banks.

More to follow…