The Central Bank of Nigeria says it would provide direct immediate additional funding to banks in order to meet the personal, business, medical as well educational demands of Nigerians.

According to a statement released on Monday by the regulator, it expects such transactions to be settled at a rate not exceeding 20 per cent above the interbank market rate.

The CBN says the exercise is part of efforts to ease the difficulties faced by Nigerians while trying to access Forex for transactions.

The Central Bank, however warns that it would sanction any bank or staff involved in unscrupulous and fraudulent transactions on the FX market.