The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points for the sale of Foreign Exchange (forex) to Nigerians, thereby meeting the demands of legitimate foreign exchange.
This was contained in a letter to the DMBs by Director, Bank Supervision Department of the CBN, Haruna Mustafa, on Thursday in Abuja.
The directive followed the CBN’s decision to stop sale of forex to Nigerians through the Bureaux de Change operators.
“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 fulfill 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 advised DMBs to ensure that no customer was refused FX provided that documentation and all other requirements are satisfied. He also 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 added that the CBN would thoroughly monitor banks’ conduct and compliance with the directive in order to ensure an efficient FX market for all legitimate users.
“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.