Zenith Bank Takes Lead in Forex Allocation from CBN

Bank returns on the utilization of foreign exchange bought by commercial banks from the Central Bank of Nigeria (CBN) last week have shown that Zenith Bank Plc with $23,006,130.65 reported the highest amount of forex purchased for its customers.

The central bank had stated that the publications

CBN Explains Forex Restrictions

Foreign currency restrictions will be lifted only when reserves have been built up to an appreciable level, the Central Bank of Nigeria (CBN) has said.

Addressing journalists in Abuja at the weekend on the recent decision by Deposit Money Banks (DMBs) to limit the use of their debit cards overseas, the CBN’s Director, Monetary Policy Department, Mr. Moses Tule, said the restrictions will be lifted “as soon as we build up reserves; when you see us building reserves to $50 billion, $60 billion, $70 billion, $200 billion or more”.

Tule added: “The moment we begin to build reserves, we expect that just as this restrictions were not there most of the restrictions will be lifted, but for now every hand needs to be on deck. We need to earn foreign exchange. As a country you can improve your business processes in order to export and earn foreign exchange and that is what the country is calling on patriotic Nigerian businessmen to do.”

There have been criticism of the restrictions and banks’ decision to limit the use of debit cards overseas.

Explaining the build-up to the debit card restrictions by the DMBs, Tule said: “The limitation on the use of debit or credit cards outside the country was not a limitation that