This is due to the CBN’s ban on sales of forex to Bureau de
Change operators and directive to deposit money banks to establish teller
points to fulfill legitimate forex requests from customers.
The new directive is contained in a circular signed by the
Director, Banking Supervision Department, Haruna Mustafa, and issued on
Wednesday with the reference number: BSD/DIR/PUB/LAB/14/082.
The circular read, “Further to the Monetary Policy
Committees (MPC briefing of July 27 2021 of Deposit Money Banks (DMBs are
hereby reminded to set up teller points at designated branches across the
country to fulfil legitimate FX requests for Personal Travel Allowance (PTA
Business Travel Allowance (BTA), tuition fees, Medical payments, SMEs
transactions, amongst 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.”
Meanwhile, Banks were also instructed not to turn back or refuse any client forex as far as 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 applications and
alert systems to update customers on status of their FX requests"
“As communicated during the briefing, toll-free lines have
been set up at the CBN for bank customers to escalate unresolved complaints
related to their FX requests,” the statement read."
The apex bank restated that it would continue to closely
monitor banks conduct and compliance with the directive, adding that any bank that disregards this directive would be severely penalised.
The CBN had on Tuesday announced that it would no longer
sell forex to bureau de change operators due to price manipulation and
corruption. It asked Nigerians who want to buy forex to go to banks.
The naira has continued to fall due to this new policy,
exchanging for N525/$1 on Wednesday.
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