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."

Comments

Alleged Lagos deadly cult leader "okoko danger" arrested

The Lagos State Police Command says it has arrested a suspected leader of the Aiye confraternity, a secret cult group in the state, who it identified simply as Shola. The suspect was said to be widely known in cult circles in the Mile 2-Badagry expressway axis as Okoko Danger. The Command announced it also arrested four other suspected members of the dreaded gang, namely Idris Musa, 19; Oluwaseyi Oguntobi, 23; Ramon Adebimpe, 18; and Saheed Kareem, 19. The police alleged that Shola, who they described as “’a deadly and notorious armed robber”, was behind the many killings in the Okokomaiko, Igando, Isheri-Osun and Ikotun areas of the state. The Lagos State Commissioner of Police, Hakeem Odumosu, told journalists yesterday at the Command Headquarters, Ikeja, that on February 27, 2020 at about 4.20pm, police operatives from the Special Anti-Robbery Squad, acting on credible intelligence, stormed a hideout at Iyana-Iba, where Shola and his gang members were said to be hibernating. “Four l...

Lekki Tollgate incident can be equated to a mas*acre — Lagos ENDSARS Panel

The Lagos State Judicial Panel of Inquiry on Restitution for Victims of SARS Related Ab*ses and Other Matters (Lagos EndSARS Panel) has reported the Lekki Tollgate sh*otings of October 20, 2020, as a mas*acre. The panel indicted soldiers and implicated Nigeria’s security agents in the k*lling and forced disappearances of harmless and unarmed youths protesting at Lekki Tollgate on October 20, 2020. The Justice Doris Okuwobi-led panel made the revelation in a 309-page report submitted to Governor Babajide Sanwo-Olu of Lagos State on Monday, November 14. According to the report, nine protesters were confirmed d*ad while four others were presumed d*ad. The report listed 48 names as those who were casualties of the Lekki incident. Among the 48 casualties listed, 24 sustained g*nshot injuries, while 15 others were as*aulted by soldiers and police. “At the Lekki Toll Gate, officers of the Nigerian Army sh*t, injured a...

Femi Otedola appointed Vice President of Save The Children.

Mr Femi Otedola was invited by the Save the Children to join the prestigious group of its Vice Presidents, in recognition for his philanthropic efforts to better the lives of children in Nigeria. Save the Children’s Vice Presidents are a group of high-level supporters and critical friends of the organisation, actively involved in advancing the work of Save the Children, through advocacy, volunteerism, introductions, and philanthropy. Save the Children works in 117 countries around the world in both humanitarian and development settings. The organisation works in partnership with philanthropists, governments, the United Nations, and other NGOs in pursuit of its global mandate to support children and their families in crisis and to ensure children can learn, survive and enjoy a protective environment so that they can reach their full potential in life. Mr. Femi Otedola’s addition to the Vice Presidents group is a testament to his long-standing support to the organization...

Laie.Tv

Search This Blog