THE Central Bank of Nigeria (CBN) has ordered Depository Banks (DMBs) to set up tellers at designated branches to facilitate the sale of foreign exchange (forex) to Nigerians.
This was contained in a statement released Thursday by CBN Director of Banking Supervision, Haruna Mustafa.
Mustafa said the directive followed an earlier decision to halt currency sales to Bureau De Change (BDC) operators in the country.
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“This is to meet legitimate exchange requests for personal travel allowance, business travel allowance, tuition fees, medical payments and SME transactions, among others,” he said. -he declares.
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“In this regard, DMBs are also required to adequately publicize the locations of designated branches and to make arrangements to sell currencies to customers in cash and/or electronically in accordance with applicable regulations,” said he declared.
Mustafa further advised DMBs to ensure that no client is turned away or refused FX provided documentation and all other requirements are met.
“Similarly, undue delays, rationing and/or diversion of FX are strongly discouraged while DMBs are required to put in place electronic enforcement and alert systems to notify customers of the status of their FX requests,” he added.
He explained that a toll-free line had been set up at CBN for bank customers to escalate unresolved complaints related to their foreign exchange requests.
Mustafa said the CBN will continue to closely monitor banks’ conduct and compliance with the directive to ensure an efficient foreign exchange market for all legitimate users.
CBN Governor Godwin Emefiele had announced on Tuesday after the Monetary Policy Committee meeting in Abuja the apex bank’s decision to halt foreign exchange sales to the BDCs. He said BDCs were dollarizing the economy.
He also accused the operators of facilitating money laundering and illegal financial inflows.
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Emefiele added that evidence abounds that several international organizations and embassies patronize BDCs through illegal currency dealers to fund their institutions.