CBN directs banks to create mobile app for Forex following ban on sales of Forex to bureau de change operators

The Central Bank of Nigeria has directed Deposit Monetary Banks (DMBs) in Nigeria to create mobile applications and alert systems to update customers of their foreign exchange movement.

This comes after the CBN banned sales of forex to Bureau de Change operators and directed DMBs to establish teller points to fulfill legitimate forex requests from customers.

The new directive was contained in a circular signed by the Director, Banking Supervision Department, Haruna Mustafa with the reference number: BSD/DIR/PUB/LAB/14/082.

CBN also warned banks to ensure that no customer is turned back or refused foreign exchange provided that documentation and all other requirements are satisfied equally.

It also warned that undue delays, rationing and diversion of foreign exchange would not be tolerated, adding that banks must establish electronic applications and alert systems to update customers on status of their foreign exchange requests.

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 publicize 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.

"DMBs are strongly advised to ensure that no customer is turned back or refused FX 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 line have been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests."

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