x

CBN issues fresh directives to banks after ending forex sales to Bureau De Change operators

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.

Daybreak reports that the directive was 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.

“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 were 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.

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.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Former Plateau Governor’s Aide Calls for Unity in PDP Amid Internal Rifts

By Israel Adamu, Jos A media consultant to former Plateau...

Kaduna Journalist Decries Threats to Life Over Report on Security Raids

By Achadu Gabriel, Kaduna Kaduna-based investigative journalist, Mr. Idibia U.A....

Sokoto State Flags Off Landmark Gas Cylinder Distribution Program

By Muhammad Ibrahim, Sokoto The Sokoto State Government, in collaboration...

Advancing China-Africa Relations: Second Post-FOCAC Forum Holds in Abuja

The Centre for Contemporary Africa-China Research in Nigeria on...

Kaduna: Security Operatives Raid Hotels, Arrest Dozens of Suspects

By Achadu Gabriel, Kaduna Security operatives, suspected to be members...

17 States Set to Celebrate Olympic Day Across Nigeria on June 28

As the June 28, 2025, Olympic Day approaches, 17...
spot_img

Related Articles

Popular Categories

spot_imgspot_img