Deposit money banks (DMBs) in Nigeria have received a directive from the Central Bank of Nigeria, CBN, to set up teller points at designated branches across the country to handle FX to retail customers.
The CBN introduced the order following the monetary policy, MPC, briefing of July 27, 2021. It states that the teller points are to meet legitimate FX requests for personal travel allowances (PTA), business travel allowances, (BTA) tuition fees, medical payments, SMEs transactions amongst others.
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The CBN also cancelled capital deposit transfers for licence applications and demanded Bureau de Change operators, BDCs with pending applications to apply for refunds.
Banks will carry out FX sales to customers “in cash and/or electronically in compliance with extant regulations,” the CBN said.
They are also to publicize the locations of the designated branches.
CBN FX exchange rates
The CBN has been taking some time to unify exchange rates in Nigeria as demanded by the IMF and other global monetary organisations.
The official naira to dollar rate is currently at N410.16. However, in the parallel market where the BDCs operate, a dollar trades at the rate of N520.
This disparity in the exchange rates has provoked economic inequality in Nigeria at an extreme level.
Forex shortage is one of the major reasons for the disparity in the naira exchange rate.
The CBN further discourages delays and rationing and advises banks to fulfil all FX needs, if documentation and all requirements from customers are satisfactory.
“Equally, undue delays, rationing and or diversion of FX are strongly discouraged”, it said.
Customers can also try to resolve any complaints related to FX requests through the newly set up CBN toll-free line.