Travelex pledges support for CBN’s forex transactions rule

TRAVELEX, one of the world’s largest providers of airport and passenger terminal currency exchange, said it is in support of the use of Bank Verification Number as requisite for foreign exchange transactions.

Besides, the company said it part of its policy to study, understand and play by the rules of the countries where it has operations, to protect it from reputation risks, as a global institution.
The Business Development Director, Africa, Travelex, Mark Smith, said the company’s major cost is investment in infrastructure and human capital, which has already put it in good stead to comply with the BVN-for-forex rule, as well as render transparent rendition.

He noted that the company sees nothing wrong and difficult with the directive, which is already restoring sanity in the segment, adding that they are happy and ready to do business in the country, as well as serve Nigerians.

The General Manager, Travelex Nigeria, Anthony Enwereji, corroborated CBN’s position that the measure would enthrone a regime of accountability and stem the lingering issue of round-tripping.

He said that the company has maintained its business policy of compliance to guidelines, as it stuck to the allowable margin of three per cent when selling to low end users and wondered why some would be selling at arbitrary prices.

According to him, the clear business policy has endeared the company to customers, as many are willing to remain in the long to buy from the company, even customers from other states.

Enwereji said that the implementation of the new rule has not affected its turnover, as its genuine customers are willing to submit all the documents required to do the transaction.
He noted that the challenge is more about attitude to change, than the alleged challenges, adding that they are already using the text code unveiled by the Nigeria Inter-Bank Settlement System to confirm BVN status of customers before executing the transactions.