The Central Bank of Nigeria (CBN) has directed that Deposit Money Banks (DMBs) should set up teller points in designated branches dedicated to the sale of legitimate Foreign Exchange (Forex) to customers.
DMBs were also directed to create mobile applications and alert systems to effectively update customers of their Forex movement.
This directive is coming on the heels of CBN’s announcement that the apex bank would discontinue the sale of Forex to Bureaux De Change (BDC) operators.
In a letter to DMB’s which read in part, “Further to the Monetary Policy Committee briefing of July 27, 2021, 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 (PTA), Business Travel Allowance (BTA), tuition fees, medical payments and SME 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 Forex to customers in cash and/or electronically in compliance with extant regulations.”
A toll-free line would also be set up by CBN for Forex customers to escalate unresolved issues related to Forex requests.
The apex bank also disclosed that banks would be closely monitored to ensure compliance and proper conduct in order to ensure an effective Forex market for all legitimate customers.
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