Central Bank of Nigeria has directed Banks operating in the country to meet Personal Travelling allowance of customers within twenty four hours of making such request while request for schools fees and medicals are to be met within forty-eight hours. It also asked banks to open foreign exchange retail sales outlet in all leadership locations to attend to foreign exchange request of Nigerians
The CBN in a circular said “As part of its efforts to end the frustrations suffered by genuine FOREX customers, the Central Bank of Nigeria (CBN) has directed banks to henceforth ensure that all applications for Basic/Personal Travel Allowance (BTA/PTA) are processed within 24 hours, while Medical and tuitions should be concluded within 48 hours of such applications.”
The CBN further directed banks to open foreign exchange outlets in all leadership locations warning that any breach of this directive would be visited with severe sanctions.
In a circular issued over the weekend, the apex Bank further directed all banks and authorised dealers to put up electronic display boards in all their branches, showing the rates of all traded currencies.
The circular signed by the Director, Financial Markets Department, Dr. Alvan Ikoku further urged customers to insist on processing foreign exchange transactions based on the displayed rates.
Meanwhile, the CBN warned that it would sanction any authorised dealer that fails to comply with its directive by barring any erring bank or dealer from all future CBN foreign exchange interventions, among other sanctions.
