23.1 C
Abuja
23.1 C
Abuja

FX supply: CBN directs commercial banks to set up teller points

Related

Share this story

1min read

THE Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches to facilitate the sale of foreign exchange (forex) to Nigerians.

This was contained in a statement issued by the CBN Director of Bank Supervision Haruna Mustafa on Thursday.

Mustafa said the directive was a sequel to an earlier decision of the discontinuing the sales of forex to Bureau De Change (BDC) operators in the country.

READ ALSO:
Court orders CBN, four other banks to pay N5.5bn before September 1

Alleged CBN N3bn agric loan diversion: Absence of defense counsel stalls trial of ‘whistleblower’

FX supply: CBN directs commercial banks to set up teller points


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

- Advertisement -

“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 were 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,” 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’ conducts and compliance with the directive in order to ensure an efficient FX market for all legitimate users.

CBN Governor Godwin Emefiele had announced at the end of the Monetary Policy Committee’s meeting in Abuja on Tuesday the decision of the apex bank to discontinue sales of forex to BDCs. He said the BDCs were dollarising the economy.

He also accused the operators of aiding money laundering and illegal financial inflows.

- Advertisement -

Emefiele added that evidence abounded that several international organisations and embassies patronised BDCs through illegal FX dealers to fund their institutions.

Vincent Ufuoma is a reporter with The ICIR. He is a lover of God, truth, knowledge and justice.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Recent

Malami denies release of Boko Haram sponsors

NIGERIA’S Attorney-General Abubakar Malami has denied releasing suspected sponsors of the Boko Haram terrorist...

How $1.2m bribe paid to NNPC was used to finance Jonathan, Buhari’s elections

COURT testimonies arising in lawsuits in London and New York have revealed how a...

Nigeria’s transportation cost rises amid shrinking household wallets

IN August, the cost of transportation rose by an average of five per cent...

Despite contradictory evidence, Buhari hails his govt’s human rights records at UN General Assembly

NIGERIAN President Muhammadu Buhari, in an address during the General Debate of the 76th...

NYSC backtracks, admits asking corps members to prepare for ransom payment if abducted

AFTER an initial denial, the National Youth Service Corps (NYSC) has admitted to asking...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement