Forex: CBN directs commercial banks to set up teller points

The Central of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set 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.

The directive was contained in a letter to the DMBs by Haruna Mustafa, Director, 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 teller points at designated branches across the country.

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

“In this regard, DMBs are also required to adequately publicise the locations of the designated branches and make arrangements to sell FX to customers in cash and/or electronically in with extant regulations,” 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 and alert systems to customers on status of their FX requests,” added.

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

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