The
Central Bank of Nigeria (CBN) has directed Money Deposit Banks to henceforth
process and meet the demand for dollars and other foreign currencies within 48
hours.
In
a circular made available to journalists, on Sunday in Abuja, the Director,
Financial Markets Department,CBN, Dr Alvan Ikoku said the order would further
make foreign currencies readily available to end users.
Ikoku
said that banks have been directed to process and meet the demand for personal
and business travelling allowances by customers within 24 hours of application.
For
school fees and medical bills, the apex bank said that the commercial banks
were to meet demand within 48 hours.
Ikoku
said that non-compliance with these directives would attract sanctions,
including but not limited to being barred from all future CBN foreign exchange
interventions.
“In
order to further 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.
“They
are to have electronic display boards in all their branches, showing rates of
all traded currencies,” he said.
Source
:NAN
Tags
Business