CBN To Direct Banks To Sell Forex To Customers Within 24 Hours

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The Central Bank of Nigeria (CBN) has said that it will direct commercial banks to sell business and personal travel allowances to retail customers within 24 hours of filing a demand request.

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The directive is coming on the back of reports that some banks are delaying the sale of forex to retail customers in contrast to the new forex policy issued by the CBN recently.

The Nigeria’s foremost and premier bank also stated that other banks would be compelled to open forex transaction compartments in all branches across the country, to enhance the ease of forex transactions to Nigerians.

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Channelstv quoted a source as saying that all commercial banks will be asked to have electronic fx rate display system in all their branches.

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This is expected to promote transparency and disclosure of rate to retail customers of the banks.



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