Following the Central Bank of Nigeria’s announcement to increase forex supplies, Nigerians travelling abroad can now access a maximum amount of $4,000 foreign exchange from the banks.
Sources said those travelling on business trips could also access a maximum amount of $5,000 for each trip, Punch reports.
The CBN said in statement that it had concluded plans to increase the amount of foreign exchange allocated to banks to meet legitimate needs.
The bank said the BDCs would continue to have their weekly allocations, “We are asking our customers to come to the branches and for BTA, for example, present the required documents, which are basically your international passport, your visa, your valid ticket and fill up the form in the bank.
“And what we have been instructed to do is ensure that we don’t turn anybody back and that we should request from the Central Bank once we exhaust the forex that we have.
“The idea is to have a hitch-free summer period and the resumption for children to go back to school. The idea is to ensure there is less pressure on the forex and then the rates will come down.”