The Central Bank of Nigeria has announced an increase in foreign exchange allocations to banks to meet the requests of customers.

The Central Bank of Nigeria has announced an increase in foreign exchange allocations to banks to meet the requests of customers.

These requests include travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among others.

The CBN Governor, Godwin Emefiele, disclosed this at a meeting with the Managing Directors of Deposit Money Banks over the weekend.

Emefiele cautioned the banks to desist from denying customers, particularly travellers, the opportunity to purchase foreign exchange, adding that CBN would take action against any bank that denied customers the opportunity to purchase foreign exchange for legitimate purposes.

The Governor pegged the purposes for this foreign exchange as Personal Travel Allowance, Basic Travel Allowance, tuition fees, and medical payments as well as Small and Medium Enterprises, transactions or for the repatriation of Foreign Direct Investment proceeds.