CBN orders banks to set up teller points to fulfil legitimate forex demands

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points to meet legitimate foreign exchange (FX) demands.

This was contained in a letter signed by CBN Director, Banking Supervision Department, Haruna Mustafa, to all banks noting that the teller points should be established across branches nationwide.

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 points 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.”

Okay.ng recalls that the CBN Governor, Godwin Emefiele, after a monetary policy committee meeting in Abuja on Tuesday, announced the discontinuity of forex sales to the Bureau de Change Operators (BDCs) in the country.

According to Emefiele, ”the BDCs were regulated to sell a maximum of 5000 dollars per day, but CBN observed that they have since been flouting that regulation and selling millions of dollars per day.

“The CBN also observed that the BDCs aid illicit financial flows and other financial crimes. The bank has thus, decided to discontinue the sale of forex to the BDCs with immediate effect.”

This prompted to apex bank to channel all forex allocation through the commercial banks, the CBN Governor said.

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