CBN Directs Banks To Honour Dollar Applications Within 48 Hours
The Central Bank of Nigeria (CBN) has ordered commercial banks to treat foreign exchange demands within 48 hours after applications.
The apex bank disclosed this in a statement signed by Dr. Alvan Ikoku, the Director, Financial Markets Department.
Also, the CBN mandated banks to have electronic display boards in all their branches that would show rates of all traded currencies.
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Regards to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), the CBN directed banks to take a maximum of 24 hours, while school fees and medicals, among others, would not exceed 48 hours before disbursements are made.
Similarly, the apex bank said non-compliance by any bank would attract sanctions, which may include being barred from all future CBN foreign exchange interventions.
The new directive, which came as part of reforms in the forex market is to increase liquidity and availability of forex to end users and reduce the overbearing pressure on the Naira.
