CBN directs banks to meet forex demands for school fees within 48 hours

by Azeez Adeniyi

The Central Bank of Nigeria has asked Deposit Money Banks to meet demands for school fees, allowances and medical bills within 48 hours.

The CBN gave the directive in a circular signed by the Director Financial Markets Department, Alvan Ikoku in Abuja on Sunday.

The apex bank also asked banks to open teller points to ensure customers have limited access to foreign exchange.

The banks according to the circular were also directed to meet the demand of customers for Business and Personal Travel Allowance within 24 hours of such applications.

The CBN said banks who fail to comply will be barred from future CBN interventions.

The circular reads in part, “In order to further increase foreign exchange liquidity in the market and 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.

“Have electronic display boards in all their bringing, showing rates of all traded currencies. Process and meet demand for school fees including allowances and medical bills within 48 hours of such applications.

“Please note that non-compliance with these directives would attract sanctions, including but not limited to being barred rom all future CBN foreign exchange interventions.”

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