CBN breaks record and shows where to buy dollars for 356

CBN breaks record and shows where to buy dollars for 356

The Central Bank of Nigeria (CBN) had groomed Travelex, the world largest Forex dealer, to retail dollars for end users.

Travelex specializes in international payments, Bureaux de change and issuing of prepaid credit cards for travelers.

Travelex will also sell dollars to registered Bureaux De Change operators (BDCs) in the country.

The gesture has already caused the naira to appreciate against the dollar.

In 2000, it bought Thomas Cook’s worldwide Forex business for £440 million, expanding significantly its international operations.

Travelex has been opening retail shops at airports and in highbrow areas to enable it meet the rising Forex demand.

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The CBN had suspended dollar sales to BDCs to conserve the foreign reserves and protect the naira.

The move is also meant to enable the apex bank meet Forex demand by domestic importers.

But CBN has reiterated that Travelex will not replace our local BDCs.

He, however, said the CBN’s stoppage of BDCs’ funding will create more room for Travelex to control the retail market space.

CBN’c end plan is for Travelex is positioned to take over the retail segment of the Forex market, where BDCs operate.

Travelex has resumed sale of dollars directly to travelers at N356 to a dollar at inside their office in Murtala Mohammed International Airport.

The office was besieged with travelers who bought dollars for N356 while Bureaux de change operators within the terminal were sold theirs from N470 to N472.

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Travelex, however, gave stringent conditions for the transaction.

The requirements include presentation of valid international passport, visa to destination, Biometric Verification Number (BVN) card, airline boarding pass and signed copy of transaction.

The firm also directed that cash would only be handed over to the traveler at the boarding gate after security and immigration checks.

According to the firm, these conditions are to ensure that dollar is sold to only genuine travelers, and discourage racketeering.