CBN orders banks to process retail forex demand within 24 hours quoting : "tribuneonlineng"

collected by :John Miller Similar requests by customers for forex for school fees (including allowances) and medical bills must be processed within 48 hours of such applications. Related NewsThe Central Bank of Nigeria, CBN, on Sunday directed banks to ensure that all requests for foreign exchange by customers for certain purposes were met within an average of 24 and 48 hours. All banks are to ensure electronic display boards were kept in all banks' branches showing rates of all traded currencies daily. In the second intervention where about $270 million was placed in the market, the CBN said only $221million was taken up. Further directives were for the banks to immediately open teller points in all locations in order to ensure access to forex by their customers without any hindrance.


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In a circular Ref: FMD/DIR/CIRIGEN/08/005 dated March 3, 2017 titled FOREIGN EXCHANGE DIRECTIVES OF MARCH 3, 2017. According to him, on the first occasion, the CBN placed $500 million dollars but that only N$370 million was taken. And because of that we intervened in the market and the market reacted positively and the Naira began gaining strength." In order to further increase foreign exchange liquidity in the market and ensure availability Central Bank of Nigeria (CBN) has directed banks to open teller points in all their branches so that their customers can have access to foreign exchange without any hindrance. On a second occasion, the apex bank placed $230 million and that only $221 million was taken, to demonstrate that the pressure was easing in the market.


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