Forex: CBN directs banks to meet school fees, other requests within 48 hours

The Central Bank of Nigeria, CBN, on Sunday directed banks to ensure that all requests for foreign exchange by customers for certain purposes were met within an average of 24 and 48 hours.

The Director, Financial Markets Department of the CBN, Alvan Ikoku, said in a statement that banks are henceforth to ensure the request for forex by customers for personal and basic transport allowances, PTA/BTA, were processed and met within 24 hours of applications.

Similar requests by customers for forex for school fees (including allowances) and medical bills must be processed within 48 hours of such applications.

Further directives were for the banks to immediately open teller points in all locations in order to ensure access to forex by their customers without any hindrance.

All banks are to ensure electronic display boards were kept in all banks’ branches showing rates of all traded currencies daily.

The CBN said the directives were part its efforts to further increase forex liquidity in the market and ensure availability to end-users


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