‘Meet forex demand for school fees in 48 hours’

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Ifeanyi Onuba, Abuja

The Central Bank of Nigeria has directed Deposit Money Banks to process and meet demands for school fees, allowances and medical bills within 48 notes of such applications.

The apex bank gave the directive in a circular dated March 3, 2017, with reference number FMD/DIR/CIR/GEN/08/005.

The circular, which was signed by the Director, Financial Markets Department, CBN, Mr. Alvan Ikoku, was made available to our correspondent on Sunday in Abuja.

The CBN also directed all banks to open teller points in all locations in order to ensure access to foreign exchange by their customers without any hindrance as well as have electronic display boards in all their branches showing rates of all traded currencies.

The banks, according to the circular, were also directed to meet the demand of customers for Business and Personal Travel Allowance within 24 hours of such applications.

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It said that any bank that failed to comply with the new directive would be prevented from all future CBN foreign exchange interventions.

The circular read in part, “In order to further increase foreign exchange liquidity in the market and 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 must have electronic display boards in all their banking halls, showing rates of all traded currencies; process and meet demand for school fees, including allowances and medical bills within 48 hours of such applications.

“Please note that non-compliance with these directives will attract sanctions, including but not limited to being barred from all future CBN foreign exchange interventions.”

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Since the new forex policy began, the CBN has intervened in the market with over $500m, which has led to the naira gaining strength.

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