Nigeria’s Commercial Banks Directed to Sell Forex Directly to Customers

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The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerians.

The directive is sequel to CBN’s decision to discontinue the sale of forex to Nigerians through the Bureaux de Change operators.

The directive was contained in a letter to the DMBs by Haruna Mustafa, Director, Bank Supervision Department of the apex 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.

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“This is to fulfil legitimate FX requests for Personal Travel Allowance, Business Travel Allowance, tuition fees, medical payments and SMEs transactions, among others.

“In this regard, DMBs are also required to adequately publicise 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,” he said.

Mustafa further advised DMBs to ensure that no customer was 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,” he added.

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

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

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