CBN issues time frame to banks on forex sales

Central Bank of Nigeria (CBN) has directed banks to immediately open teller counter in their branches, for the sale of foreign exchanges, to meet the demands for overseas school bills, medical bills and personal travelling allowances.

The apex bank in a circular dated March 3, 2017, also asked banks to display electronic board in the banking halls, displaying the rate of all traded currencies.

The banks are also directed to meet the foreign exchange demands of personal travelling allowance customers within 24 hours of applying.

Those for medical bills and school fees must be met within 48 hours, CBN added.

CBN director of finance and market, Doctor Alvan Okoko, who signed the circular warned banks, that sanctions awaiting any of them who flouts the directive, include being banned from foreign exchange market.

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