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CBN, banks to bar bad debtors from purchasing forex

10 April 2015, 12:34

Abuja - The Central Bank of Nigeria (CBN) and banks, under the aegis of the Bankers Committee yesterday have decided to bar bad debtors from purchasing foreign exchange in the interbank foreign exchange market, Vanguard reports.

The committee comprise the top management of CBN, Nigeria Deposit Insurance Corporation (NDIC) and chief executives of banks. The Committee also decided to reduce limit on naira debit Visa and Mastercard.

Also read: CBN warns Nigerians against use of foreign currencies for domestic transactions

The limit represents the amount of dollars that card holders can spend or withdraw through the cards when they are out of the country.

Director, Banking Supervision Department, CBN, Dr. Tokunbo Martins disclosed this at a press conference at the end of the Bankers Committee held in Lagos. Also at the press conference are the Chief Executive officer of Union Bank, Mr Emeka Emuwa, Chief Executive of Standard Chartered, Bola Adesola, Chief Executive of Citibank Nigeria, Omar Hafeez, and the CBN Director of Corporate Communications, Ibrahim Muazu.

Read more at Vanguard

- News 24

Tags cbn abuja forex

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