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CBN Directs Banks To Create Mobile App For Foreign Exchange Services

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The Central Bank of Nigeria has directed that commercial banks create mobile applications and alert techniques to inform customers of their foreign exchange services.

This follows the CBN’s ban on sales of forex to Bureau de Change operators and directive to deposit money banks to establish teller points to fulfil legitimate forex requests from customers. This policy had naira fall, with an exchanging rate of N525/$1 on Wednesday.

Read Also: Massive Shift to USD(X) Stablecoin Expected as CBN Stops the Sell of FX to BDC Operators

This new direction was enclosed in a circular endorsed by the Director of Banking and Supervision Department, Mr Haruna Mustafa, which was issued on Wednesday with the reference number: BSD/DIR/PUB/LAB/14/082.

Some fractions of the circular reads, “Further to the Monetary Policy Committees (MPC briefing of July 27, 2021, of Deposit Money Banks (DMBs are hereby reminded to set up teller points at designated branches across the country to fulfil legitimate FX requests for Personal Travel Allowance (PTA Business Travel Allowance (BTA), tuition fees, Medical payments, SMEs transactions, amongst others.

“In this regard DMBs are also required to adequately publicise the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and or electronically in compliance with extant regulations.”

Banks were similarly advised to confirm that customers do not turn back or refuse forex provided that documentation and all other requirements are comfortable and equally legal.

Undue delays rationing and/or diversion of FX is strongly discouraged whilst DMBS are required to establish electronic applications and alert systems to update customers on the status of their FX requests

As communicated during the briefing, toll-free lines have been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests,” the statement read.

The mainstream bank reiterated how it would go on with monitoring various bank behaviour to implement this new policy and compliance with the directive, enlarging its plans towards any violation of this latest charge, defaulting banks would be severely sanctioned

As earlier reported by Diutocoinnews.com.ng, The CBN had on Tuesday announced that it would no longer sell forex to bureau de change operators due to price manipulation and corruption. The Central bank directed Nigerians who liked to purchase forex to move their transactions to the banks. 

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