- Advertisement -
Home African News CBN Orders Banks To Sell Forex To Customers

CBN Orders Banks To Sell Forex To Customers

- Advertisement -

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerians.

The News Agency of Nigeria (NAN) reports that the directive was sequel to CBN’s decision to discontinue sale of forex to Nigerians through the Bureaux de Change operators.

Mike Igbokwe SAN Collections Now Available for purchase ~• For enquiries and Details, Call Winifred Tayo-Oyetibo on 08177770462 or +234(01) 4620907, 4620807 Ext. 122 ~•• CLICK VIDEO Below.


Purchase Now
The Trajectory of excellence in Legal practice
The Dynamism of law and practi e in Nigeria
Nigerian Maritme Cabotage policy and law

_____________________________________________

The directive was contained in a letter to the DMBs by Haruna Mustafa, Director, Bank Supervision Department of the apex bank, on Thursday in Abuja.

“Further to the Monetary Policy Committee briefing of July 27, all DMBs are hereby reminded to set up teller points at designated branches across the country.

“This is to fulfil legitimate FX requests for Personal Travel Allowance, Business Travel Allowance, tuition fees, medical payments and SMEs transactions, among others.

“In this regard, DMBs are also required to adequately publicise 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,” he said.

Mustafa further advised DMBs to ensure that no customer was 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 status of their FX requests,” he added.

He explained that a toll-free line had been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests.

Mustafa said that the CBN would continue to closely monitor banks’ conduct and compliance with the directive in order to ensure an efficient FX market for all legitimate users.

-Advertisement-

New mag

Newswire Law and Events Magazine is Out. It's a collector's item. Get one - or two,or more - for yourself and loved ones.

Do you want to be heard, your events covered, your articles published, or need to advertise your products and services on our Blog and Magazine, reach out to us at Newswire Law and Events, you will be glad you did. For more details about our services, please call: 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk

- Advertisement -
- Advertisement -

Stay Connected

16,985FansLike
2,458FollowersFollow
61,453SubscribersSubscribe

Must Read

- Advertisement -

Related News

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here