Deposit banks to create mobile app for forex – CBN

Nigeria to pay foreign debts before other obligations

Commercial banks in Nigeria have been directed by the Central Bank to create mobile applications and alert systems to update customers of their foreign exchange movement.

This directive was disclosed in a circular issued on Wednesday, signed by the Director, Banking Supervision Department, Haruna Mustafa with the reference number: BSD/DIR/PUB/LAB/14/082.

The circular read, “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.”

This new directive is coming after the apex bank’s ban on sales of forex to Bureau de Change operators due to price manipulation and corrupt practices.

The Central bank also advised banks to ensure that no customer is turned back or refused forex provided that documentation and all other requirements are satisfied equally.

“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 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 central bank says any breach of the directive by the banks would be met with sanctions as it will continue to closely monitor compliance to the directive.


Author: Greg