Customers now have between 24 and 48 hours to request for and receive foreign currencies for business and personal travelling allowances and payments for medical bills and school fees respectively, a new Central Bank of Nigeria, CBN, directive to commercial banks, say.
The Director of Financial Markets Department of the apex bank, Dr Alvan Ikoku said in a statement yesterday that commercial banks must process and meet demands of customers for the above stated requests within the stipulated hours or face sever sanctions.
Any bank that failed to carry out the directive would be barred all future foreign exchange interventions by the apex bank, Ikoku said
The directive, he said would further make foreign currencies readily available to end-users.
He said: “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,”