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CBN Orders Banks To Set Up Forex Teller Points

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The Central Bank of Nigeria (CBN) has directed banks to set up teller points in designated branches to sell foreign currencies including the dollar to Nigerians.

The directive which followed the CBN’s decision to stop the sale of forex to Nigerians through Bureau de Change operators, was disseminated in a letter by Haruna Mustafa, Director, Bank Supervision Department of the Central Bank on Thursday in Abuja.

“Further to the Monetary Policy Committee briefing of July 27, all DMBs are hereby reminded to set up teller points at designated branches across the country,” Mustafa said.

According to him, “This is to fulfil legitimate FX requests for personal travel allowance, business travel allowance, tuition fee, medical payments and SMEs transactions among others.

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“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 regulation.

Mustafa further advised that DMBs ensures that no customer was turned back or refused forex if all documentation and requirements are intact.

“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,” he added.

He explained that the CBN had set up a toll-free line for bank customers to escalate unresolved complaints related to their forex requests.

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Mustafa added that the CBN would closely monitor banks’ conduct and compliance with the directive to ensure an efficient FX market for all legitimate users.

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