CBN Directs DMBs to Set up Teller Points at Bank Branches for the Sale of FX To Retail Customers

Forex
893 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Thursday, July 29, 2021 / 2:50 PM / by CBN / Header Image Credit: iStock

 

Further to the Monetary Policy Committee (MPC) briefing of July 27, 2021, all 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. OMBs 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 whist DMBs are required to establish electronic application and alert systems to update customers on 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.

 

Proshare Nigeria Pvt. Ltd.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.       CBN Stops Sale of FX to BDCs, Holds Policy Parameters Constant - Jul 27, 2021

2.      CBN Communique No. 137 of the MPC Meeting - July 26-27, 2021 - Jul 27, 2021

3.      July 2021 MPC Meeting: CBN Holds All Policy Parameters, Stops Sales of FX to BDCs - Jul 27, 2021

4.      CBN Suspends FX Sales to BDCs Until Further Notice  - Mar 26, 2020

5.      CBN FX Sales ban to BDCs:financial and market players react - Jan 12, 2016

6.      IEFX Market Total Transactions Value Decreased by $325.65m WoW, Representing 49.86% Decline - FMDQ

7.      FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 16, 2021

8.     FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 9, 2021

9.      Gross Official Reserves Declined by US910m to US33.32bn in June 2021

10.  FX Outflows Still Below Pre-Pandemic Levels

11.   Continuing Underperformance on Remittances in Q4 2020

12.  FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 2, 2021

13.  Foreign Exchange (FX) Market Analysis for Week-Ended June 25, 2021

14.  FX Reserve Hits 13-month Low Despite the Significant Rebound in Oil Prices

15.  Telecoms: FX Scarcity Continues to Bite Hard

16.  Foreign Exchange (FX) Market Analysis for Week-Ended June 18, 2021


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP