Banks clear forex demand backlog on CBN’s $2m weekly intervention

… as CIBN hosts WCBI April 24 Deposit money banks have cleared substantial backlog of foreign exchange demand for Personal Travel Allowance (PTA), Business Travel Allowance (BTA) and school fees, following the intervention of the Central Bank of Nigeria (CBN) to the tune of $2 million weekly in the market. Nnamdi Okonkwo, managing director/CEO, Fidelity Bank plc, said this at a pre-press world press conference organised by Chartered Institute of Bankers of Nigeria (CIBN), on 22nd World Conference on Banking Institutes (WCBI) scheduled to hold in Lagos on April 2017. Other committee members who addressed the media include Segun Ajibola, president/chairman of council, CIBN; Segun Aina, chairman, organising committee; Debola Osibogun, immediate past president, CIBN; Uche Olowu, first vice president; Bayo Olugbemi, second vice president, and Seye Awojobi, registrar/CEO, CIBN. Okonkwo said the banks were working with the CBN in addressing retail foreign exchange challenges, saying the new foreign exchange policy of the CBN was on course, as the CBN’s directive was to decongest the market with demand for PTA/BTA and school fees while dealing with big ones with Letters