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CBN Introduces New Measures to Increase Availability of Foreign Exchange

The Central Bank of Nigeria (the CBN™) on February 20, 2017 issued revised guidelines (Guidelines for the Operationalisation of the New Policy on PTA and School Fees (Ref: FMD/DIR/CIR/GEN/08/002)) aimed at increasing the availability of foreign exchange to end-users. To this end, the CBN has decided to sell foreign exchange on a weekly basis to all commercial banks to meet the needs of end-users intent on procuring Personal Travel Allowances (PTA), Business Travel Allowances (BTA), and making payments for tuition and medical fees. The CBN has also directed all banks to open foreign exchange retail outlets at major airports in Nigeria.

The CBN has also decided to significantly reduce the tenor of its forward sales from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction.

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