CBN directs bank to open teller points for sale of FX to customers


The Central Bank of Nigeria,CBN,has directed Deposit Money Banks,DMB, in the country to set up teller pints at designated branches across the country to fulfil legitimate Foreign exchange requests.

Such requests are to cater for Personal Travel Allowance, PTA,Business Travel Allowance,BTA,tuition fees,medical payments,SMEs transactions among others.

This directive was contained in a statement by Director of Supervision in Department
,Haruna B Mustapha.
The DMB 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 compliant with extant regulations.
The DMB are also to ensure that no customer is turned back or refused provided that documentation and all other requirements are satisfied.
It also warned against equally undue delays,rationing and or diversion of FX is strongly discouraged while DMB are required to establish electronic application and alert systems to update customers on status of their FX requests.

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