Deposit money banks (DMBs) have been instructed by the Central Bank of Nigeria (CBN) to create forex teller points at “designated branches”.
The directive was announced in a letter issued to DMBs by the Bank Supervision Department, CBN, Haruna Mustafa, in Abuja on Thursday.
“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 fulfil legitimate FX requests for Personal Travel Allowance, Business Travel Allowance, tuition fees, medical payments and SMEs transactions, among others.
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“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.
“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 the status of their FX requests.”
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