Barely 48 hours after the conclusion of its 136th Monetary Policy Committee’s (MPC’s) meeting, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) in the country to commence direct sale of foreign exchange (Forex) to needy customers in their branches nationwide.
One of the key decisions taken at the end of the 2-day meeting of the committee on Tuesday was the immediate suspension of Forex sale to Bureaux De Change (BDCs) operators over alleged abuses associated with their activities in the Forex market.
The apex bank, in a letter signed by Director, Banking Supervision Department, Haruna Mustafa, sourced by our correspondent directed the DMBs to set up teller posts at some designated branches for the purposes of attending to customers’ legitimate forex needs.
The letter reads: “Further to the Monetary Policy Committee (MPC. briefing of July 27, 2021, al Deposit Money Banks (DMBs are hereby reminded to set up teller pots 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 publicize 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.
“DMBs are strongly advised 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 the status of their FX requests.
“As communicated during the briefing, a toll-free line has been set up at the CBN 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.
“Please note that any breach of the directive will be severely sanctioned”, the Director warned.
