The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMB) in the country to set up teller points in their respective branches where they are to sell foreign exchange (FX) directly to retail end users.
This is further to the Monetary Policy Committee (MPC) briefing of July 27, 2021 (where the CBN banned sale of FX to Bureau De Changes), and the teller points are to be used to fulfill legitimate FX requests for Personal Travel Allowance, (PYA), Business Travel Allowance (BTA), tuition fees, medical payments, SME transactions amongst others, according to the CBN.
“Deposit Money Banks are also required to adequately publicize the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and/or electronically with extant regulations,” the CBN said in a July 28 circular, BSD/DIR/PUB/LAB/14/052, to banks, signed by Haruna Mustafa, Director, Banking Supervision Department.
The CBN advised banks to ensure that no customer is 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 application and alert systems to update customers on status of their FX requests,” the CBN said.
The CBN has also set up a toll free line for bank customers to escalate unresolved complaints related to their FX requests.
“The CBN will continue to closely monitor banks conduct and compliance with this directive in order to ensure an efficient FX market for all legitimate users…breach of the directive will be severely sanctioned,” the CBN said.