CBN Orders All Commercial Banks To Set Up Teller Points To Sell Forex To Customers

The apex bank 🏦 of Nigeria CBN has in a new letter released on the 28th July, 2021 ordered all commercial banks to setup teller points in their branches so as to sell FX to retail customers. A day after suspending sales of FX to Bureaux De Change.

In a statement signed by the Director Banking Supervision Department Haruna B. Mustafa, the Central Bank of Nigeria insisted that commercial banks must comply with the new directive of selling FX to deserving customers without rationing and delays.

The banks were advised on strong terms to sell FX to retail customers for legitimate requests like Personal Travel Allowance (PTA), Business Travel Allowance (PTA), Tuition Fees, Medical Payments, SMEs amongst others.

The banks were also directed to make public the designated branches where customers can get FX without any hassles in compliance with extant regulations. The statement went further to add that the banks must make sure no customer is turned back or denied FX provided documentations and other requirements are satisfied.

The Central Bank Of Nigeria also vowed to monitor all FX transactions and also stated that a toll free number has been provided for customers to call to report any defaulting banks 🏦.

What Does This Mean For SMEs?

This means Small Business Enterprises can now go to the banks and purchase FX at a cheap price to carry out their business transactions. 

This is a good time to buy cheap FX from the banks and sell later at high price 😄.

Attached below is the official statement from CBN:

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