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Breaking: CBN orders Deposit Money Banks to sell forex to customers

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Deposit Money Banks (DMBs) have been directed to begin sales of foreign exchange to customers.

Central Bank of Nigeria (CBN) had earlier reminded Banks through a letter that Banks should set up teller points at designated branches across the country to thoroughly find out legitimate FX requests by customers.

On Tuesday, the CBN discontinued supplies of forex to the Bureau De Change Operators due to what it termed abuse of privilege.

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The letter, signed by Haruna Mustafa Director, Banking Supervision Department, stated: “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.

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“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.

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“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.”

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