Business

FX teller points: Banks comply with CBN’s directive

Deposit money banks in the country have started sending emails to their customers notifying them of the setting up of foreign currency teller points at their branches in line with the Central Bank of Nigeria’s (CBN) recent directive, findings by New Telegraph show.

 

One of such emails sighted by New Telegraph partly reads: “Please be informed that we now have designated foreign currency teller points at all our branches.

 

This is in line with the Central Bank of Nigeria (CBN)’s directive and commitment to ensure legitimate FX requests are attended to in a prompt, efficient manner. “Kindly visit the FX teller point at the nearest …

 

Branch with the relevant documentation to request FX for your Personal/Business Travel Allowance, medical payments, tuition fee etc.”

 

Following its announcement, Tuesday, that it had discontinued sales of forex to Bureau de Change (BDC) operators and that such sales would henceforth go directly to DMBs, the CBN had in a letter to lenders, on Wednesday, reminded them to set up teller points at designated branches across the country to fulfil legitimate FX requests by customers.

 

The letter, signed by Haruna Mustafa, Director, Banking Supervision Department, stated: “Further to the Monetary Policy Committee (MPC. briefing of July 27, 2021, al Deposit Money Banks (DMBs are hereby reminded to set up teller pots 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.

 

“In this regard, DMBs are also required to adequately publicize the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and/or electronically in compliance with extant regulations.

 

“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 the status of their FX requests.

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