CBN Directs Commercial Banks To Set Up Teller Points For Forex Sale

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerian Citizens.

The News Agency of Nigeria (NAN) reports that the directive was sequel to CBN’s decision to discontinue the sale of forex to Nigerians through the Bureaux de Change operators.

The directive was contained in a letter to the DMBs by Haruna Mustafa, Director, Bank Supervision Department of the apex bank, on Thursday in Abuja the nation’s capital.

“Further to the Monetary Policy Committee briefing of July 27, all DMBs are hereby reminded to set up teller points at designated branches across the country.

This is to fulfil legitimate Forex requests for Personal Travel Allowance, Business Travel Allowance, tuition fees, medical payments and SMEs transactions, among others.