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.
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
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