DMBs Receive Instruction from CBN to Sell Foreign Exchange to Customers

Deposit Money Banks (DMBs) in Nigeria have received instruction from The Central Bank of Nigeria, CBN, to sell foreign exchange to interested customers.

Nigerian banks have been ordered by CBN, via letter, to set up teller points across all available branches in the country to effectively meet foreign exchange requests by customers.

Central Bank f Nigeria

It was announced on Tuesday, by the regulator, that Bureau de Change Operators will no longer be able to receive forex supplies from banks due to their constant misuse of freedom and privilege.

In a letter, signed by the Director of the Banking Supervision Market, said: “Further to the Monetary Policy Committee (MPC) briefing of July 27, 2021, all 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.

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“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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