CBN mandates banks to set up Forex teller points in offices

CBN mandates banks to set up Forex teller points in offices

The Central Bank of Nigeria (CBN) has issued a mandate to all Deposit Money Banks (DMBs) to ensure that no customer is turned back or refused FX provided that documentation and all other requirements are satisfied.

This was contained in a memo signed by Haruna Mustafa, Director, Banking Supervision Department, CBN on Thursday, July 29.

According to the memo, DMBs must set up teller points at designated branches across the country; to fulfil legitimate FX requests for specific purposes.

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Some of the approved requests are Personal Travel Allowance (PTA); Business Travel Allowance (BTA); tuition fees; as well as medical payments; and also SMEs transactions, amongst others.

According to CBN, undue delays, rationing, and/or diversion of FX is strongly discouraged; whilst DMBs are required to establish electronic application and alert systems to update customers on the status of their FX requests.

The memo partly read, “DMBs are strongly advised to ensure that no customer is turned back or refused FX provided that documentation and all other requirements are satisfied. Equally, undue delays, rationing, and/or diversion of FX is strongly discouraged; whilst DMBs are required to establish electronic application; and alert systems to update customers on the status of their FX requests.

“As communicated during the briefing, a toll-free line has been set up at the CBN; for bank customers to escalate unresolved complaints related to their FX requests.

“The CBN will continue to closely monitor banks’ conduct and compliance with this directive; in order to ensure an efficient FX market for all legitimate users.”

1st News had reported that the CBN allegedly allocated a total of $200 million to all commercial banks in the country; as part of efforts to meet the foreign exchange demand; for legitimate end-users across the country, a move against forex speculation.

The action by the apex bank is coming after it announced the discontinuation of forex sales to Bureau De Change (BDC) operators in the country.

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