Meet forex demand for school fees within 48hrs, CBN orders banks

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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 including allowances and medical bills with 48 notes of such applications.

The apex bank gave the directive in a circular dated March 3 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.

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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.

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

The circular reads 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.

“Have electronic display boards in all their bringing, showing rates of all traded currencies. Process and meet demand for school fees including allowances and medical bills within 48 hours of such applications.

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

Since the new forex policy began last week, the CBN had intervened with over $500m in the market which had led to Naira gaining strength.

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