Bankers committee ends commission on ‘invisibles’ forex deal

The Bankers’ Committee yesterday, ended its regular meetings in Lagos, with a decision to end the commission charged on customers by individual banks for buying dollars under the “Invisibles Segment.”

The invisibles transactions include demands for dollar made for Basic/Personal Travel Allowances, medical tourism, school fees payment for students abroad, among others and now N360 per dollar only.

Stating that the decision is with immediate effect, the Managing Director of FSDH Merchant Bank, Mrs. Hamda Ambah, who spoke for the group, said it is an offense for any bank to retain the charges henceforth and called on customers to report the case.

According to her, the move was a measure that would be some sort of palliatives for individuals to at least take an advantage, as well as ensure uniform activity across banks.

Meanwhile, the Central Bank of Nigeria (CBN) has disclosed that the nation’s foreign exchange (forex) reserves has risen to $42 billion amid stable crude oil prices and production in the country’s oil-rich Niger Delta.

Despite the development, the apex bank hinted that it has not changed the rate at which it sells forex to banks and the Bureaux De Change (BDCs) under the Invisibles Segment, holding at N357/$ and N360/$ respectively.

But the development may soon upset the forex market, as the currency sellers have been agitating over the rate disparity, alleging that it is not a “level playing” ground for their members, who have lost customers and folded up due to low patronage.