The new directive is contained in a circular signed by the Director, Banking Supervision Department, Haruna Mustafa, and issued with the reference number: BSD/DIR/PUB/LAB/14/082.
The circular read, “Further to the Monetary Policy Committees (MPC briefing of July 27 2021 of 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 DMBs are also required to adequately publicise 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.”
“Undue delays rationing and/or diversion of FX is strongly discouraged whilst DMBS are required to establish electronic applications and alert systems to update customers on status of their FX requests.
“As communicated during the briefing, toll-free lines have been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests,” the statement read.
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