CBN directs banks to create applications systems to update customers foreign exchange movement

The Central Bank of Nigeria has directed commercial banks to create mobile applications and alert systems to update customers of their foreign exchange movement.

This follows the CBN’s ban on sales of forex to Bureau de Change operators and directive to deposit money banks to establish teller points to fulfill legitimate forex requests from customers.

The new directive is contained in a circular signed by the Director, Banking Supervision Department, Haruna Mustafa.

The circular says that further to the Monetary Policy Committees (MPC briefing of July 27 2021,Deposit Money Banks (DMBs are 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.

DMBs are also required to adequately publicise the locations of the designated branches and make necessary arrangements to sell Forex to customers in cash or electronically in compliance with extant regulations.

Banks were also advised to ensure that no customer is turned back or refused forex provided documentations and all other requirements are satisfied.

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