By Austin Johnson
The central bank of Nigeria has order Banks to 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.
This is coming after much challenges it is facing in other to stabilise to the naira to the Dollar. It says “without any hindrance, 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.
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 end- users meet basic requirements already outlined in earlier directives; and
4. Banks are mandated to process and meet demands for school fees and medical bills within 48 hours of such application.
The statement also says 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.