The Central Bank of Nigeria (CBN) has asked deposit banks (DMBs) to set up ATMs in designated branches for the sale of foreign exchange (forex) to Nigerians.
The Nigerian News Agency (NAN) reports that the directive followed CBN’s decision to halt the sale of foreign currency to Nigerians through exchange bureau operators.
The directive was contained in a letter sent to DMB by Haruna Mustafa, director of the banking supervision department of apex bank, on Thursday in Abuja.
âFollowing the Monetary Policy Committee briefing on July 27, all DMBs are reminded to set up ATMs in designated branches across the country.
âIt’s about responding to legitimate foreign exchange demands for personal travel allowance, business travel allowance, tuition, medical payments, and SME transactions, among others.
“In this regard, DMBs are also required to adequately publicize the locations of designated branches and to make the necessary arrangements to sell currencies to customers in cash and / or electronically in accordance with applicable regulations,” a he declared.
Mustafa further advised DMBs to ensure that no clients are turned away or turned away from FX as long as the documentation and all other requirements are met.
Likewise, undue delays, rationing and / or currency diversion are strongly discouraged while DMBs are required to establish electronic request and alert systems to inform clients of the status of their requests for payment. currencies, âhe added.
He explained that a toll-free line had been set up at the CBN so that bank customers could escalate unresolved complaints related to their foreign exchange requests.
Mustafa said the CBN will continue to closely monitor the conduct of banks and compliance with the directive to ensure an efficient foreign exchange market for all legitimate users.