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Home Markets Currencies

CBN directs banks not to refuse any FX request with proper document, to sanction defaulters

Abiola Odutola by Abiola Odutola
July 29, 2021
in Currencies, Spotlight
Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion, Availability of secured credit to businesses and households increases as unsecured credit to households dips in Q3 2020 - CBN, CBN releases regulatory guidelines on the eNaira
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The Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs) to ensure that no customer is turned back or refused FX provided that documentation and all other requirements are satisfied.

The apex bank also insisted that DMBs must set up teller points at designated branches across the country to fulfil legitimate FX requests for specific purposes.

Some of the approved requests are Personal Travel Allowance, (PTA), Business Travel Allowance (BTA), tuition fees, medical payments, SMEs transactions, amongst others.

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This was disclosed by the apex bank via a memo sent to all DMBs and signed by Haruna Mustafa, Director, Banking Supervision Department, CBN on Wednesday.

According to CBN, undue delays, rationing and/or diversion of FX is strongly discouraged whilst DMBs are required to establish electronic application and alert systems to update customers on the status of their FX requests.

The memo partly read, “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 whilst 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.”

In case you missed it

On Wednesday, July 28, the CBN allegedly allocated a total of $200 million to all commercial banks in the country as part of efforts to meet the foreign exchange demand for legitimate end-users across the country, a move against forex speculation.

The action by the apex bank is coming after it announced the discontinuation of forex sales to Bureau De Change (BDC) operators in the country as reported earlier by Nairametrics.

Tags: CBN BDC ban
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

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Comments 1

  1. Anonymous says:
    July 29, 2021 at 2:36 pm

    Effective monitoring is required to check DMBs excesses and there is need to completely blocked out BDC operators, including ordering them to release remaining foreign currencies within or

    Reply

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