Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

CBN Issues Circular to All Authorized Dealers on Improved Foreign Exchange Liquidity

Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - WhatsApp

Monday, March 06, 2017/ 7:22 PM /CBN

In view of the CBN's willingness, capability, and determination to meet FX demand in the market, and in order to further increase foreign exchange availability to all end-users and ensure that a fair and verifiable exchange rate operates in the market, all banks are hereby directed as follows:

1.       Open a teller point for retail FX transactions, including buying and selling, in all locations in order to ensure access to foreign exchange by their customers and other users, without any hindrance

2.       All banks must have an electronic display board in all their branches; showing rates of all trading currencies, and customers must insist on processing FX transactions based on the displayed rates.

3.      Banks are mandated to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, as long as the endusers meet basic requirements already outlined in earlier directives.

4.      Banks are mandated to process and meet demands for school fees and medical bills within 48 hours of such application.

Please note that this directive is effective immediately, and non-compliance would attract sanctions, including but not limited to being barred from all future CBN foreign exchange interventions.

Related News
Addicted to Dollars
The Street's Response to the CBN - The Tale of Contradictions
Nigeria reacts positively to a forex crisis of confidence and liquidity
Dollar Set To Crash Further as CBN Releases Additional $180m to Banks
CBN Special Wholesale Intervention 60 Days Forward
Guidelines for the Operationalization of the CBN Policy on PTA and School Fees.
CBN Releases New Policy Actions in the Foreign Exchange Market
FOREX Utilization: CBN Boosts Manufacturing, Agricultures, Others
CBN makes further clarification on FOREX sale
Drawbacks of Capital Control Measures Under the Proposed Forex Amendment Bill 

Related News