CBN directs banks to honor dollar application within 48 hrs

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.