CBN gives banks deadline to process FOREX applications

Posted by News Express | 6 March 2017 | 2,233 times

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•CBN Headquarters.

The Central Bank of Nigeria (CBN) has directed banks to henceforth ensure that all applications for Basic/Personal Travel Allowance (BTA/PTA) are processed within 24 hours, while Medical and tuitions should be concluded within 48 hours of such applications.

The CBN further directed banks to open foreign exchange outlets in all leadership locations, warning that any breach of this directive would be visited with severe sanctions.

The apex bank in a circular issued over the weekend further directed all banks and authorised dealers to put up electronic display boards in all their branches, showing the rates of all traded currencies.

The circular signed by the Director, Financial Markets Department, Dr. Alvan Ikoku urged customers to insist on processing FX transactions based on the displayed rates.

A reliable source at CBN Headquarters in Abuja told News Express that the new directives “are part of the bank’s efforts to end the frustrations suffered by genuine FOREX customers.”

The apex has warned that it would sanction any authorised dealer that fails to comply with its directives by barring any erring bank or dealer from all future CBN foreign exchange interventions, among other sanctions.

Source: News Express

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