The Central Bank of Nigeria (CBN) has instructed all Deposit Money Banks (DMB) in the country to ensure that no customer is “turned back or refused FX provided that documentation and all other requirements are satisfied.”
This was disclosed by the apex bank in a letter to all banks on Wednesday and signed by Haruna Mustafa, Director, Banking Supervision Department, CBN.
The CBN directed all DMBs to set up forex teller points at designated branches to fulfil legitimate forex demands across the country, including Personal Travel Allowance, (PTA), Business Travel Allowance (BTA), tuition fees, medical payments, SMEs transactions, amongst others.
DMBs are also required to adequately publicize the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and/or electronically in compliance with extant regulations.
The apex bank also advised DMBs not to engage in “undue delays, rationing and/or diversion of FX,” adding that DMBs are required to establish electronic application and alert systems to update customers on the status of their FX requests.
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The CBN said that it has set up a toll-free line for bank customers to escalate unresolved complaints related to their FX requests.
The CBN warned that any breach of the directive will be severely sanctioned.
Recall that the CBN on Tuesday said it has stopped selling foreign exchange to Bureaux De Change operators.
The CBN said the BDCs had defeated their purpose of existence to provide forex to retail users; had become wholesale and illegal dealers; and had continued to make huge profits while Nigerians suffered in pain.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.