Standup9ja - CBN directs banks to honor dollar application within 48 hrs
The Central Bank of Nigeria (CBN) has directed Money Deposit
Banks to henceforth process and meet the demand for dollars and other foreign
currencies within 48 hours.
In a circular made available to journalists, on Sunday in
Abuja, the Director, Financial Markets Department,CBN, Dr Alvan Ikoku said the
order would further make foreign currencies readily available to end users.
Ikoku said that banks have been directed to process and meet
the demand for personal and business travelling allowances by customers within
24 hours of application.
For school fees and medical bills, the apex bank said that
the commercial banks were to meet demand within 48 hours.
Ikoku said that non-compliance with these directives would
attract sanctions, including but not limited to being barred from all future
CBN foreign exchange interventions.
“In order to further ensure availability to end-users, all
banks are hereby directed to open teller points in all locations in order to
ensure access to foreign exchange by their customers without any hindrance.
“They are to have electronic display boards in all their
branches, showing rates of all traded currencies,” he said. (NAN)
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