"New Policy Actions in The Foreign Exchange Market" Nigerians Patiently Await Windfall!

Weeks after Nigeria's Central Bank's decision to "reduce the difficulties encountered by Nigerians in obtaining foreign exchange transactions" through its "New Policy Actions in The Foreign Exchange Market"....not much can be said to have being felt on that initiative, except the recent appreciation of the Naira against the U.S Dollar which stood at =N=460 as at Friday, March 10th, 2017. The Pounds Sterling and Euro reportedly traded at =N=550 and =N=476 respectively. 

The CBN's controlled rate was at =N=399, while Interbank market floor saw the Naira closed at =N=306 to one Dollar. 

Following this development Nigerians were ecstatic to what appeared to be 'the end of the jostle for Dollar and other hard foreign currencies'; and commend the present administration for this try.  

It's essential to note that =N=450/ =N=460 was the alarming rate the Naira traded against the Dollar between November/ December 2016. This is a currency that traded against the Dollar at =N=150/180 before mid 2015 to be precise. Hence, this so called 'solace' is in my opinion pointless. But like Nigerians will always say "at-all, at-all nah eim bad pass". (meaning...It is better than nothing at all)

Confronted with this level of frustration, what could be the impediment(s) to the actualisation of the New Policy Actions? 

....Could it be that Nigeria's Financial Institutions are shunning CBN's directive to open foreign exchange branches at major Airports across the country to trade in Dollars and other foreign currencies...

....Could it be that logistics has not permitted such act...

....or Could it ultimately be that they isn't even any Dollars to trade?

I sincerely hope this is not a case of "the more you look, the less you see" act played by past, present administrations on vulnerable citizens. What ever the reason for this inexplicable delay is, Nigerians as usual, patiently await the promised and deserving "windfall".

In its effort to ensure compliance, Nigeria's Central Bank issued a circular "TO ALL AUTHORISED DEALERS UPDATE TO FOREIGN EXCHANGE DIRECTIVES dated March 3^rd, 2017, and it reads:

"In view of the CBN's willingness, capability, and determination to meet FX demand in the market, and in order to further increase foreign exchange availability to all end-users and ensure that a fair and verifiable exchange rate operates in the market, all banks are hereby directed as follows:

1. Open a teller point for retail FX transactions, including buying and selling, in all locations in order to ensure access to foreign exchange by their customers and other users, without any hindrance;

2. All banks must have an electronic display board in all their branches; showing rates of all trading currencies, and customers must insist on processing FX transactions based on the displayed rates;

3. Banks are mandated to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, as long as the endusers meet basic requirements already outlined in earlier directives;

and 4. Banks are mandated to process and meet demands for school fees and medical bills within 48 hours of such application.

Please note that this directive is effective immediately, and non-compliance would attract sanctions, including but not limited to being barred from all future CBN foreign exchange interventions."

We pray the CBN do not hesitate to come down hard on non-compliant Financial Institutions...to serve as a deterrence to others. 

Enough is enough.