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The Central Bank of Nigeria (CBN) has mandated banks and all authorized foreign exchange dealers to display rates of all traded currencies on electronic boards at their branches and ensure that customers get “access to foreign exchange without any hindrance”.
Customers too, must insist on transacting at the official rates displayed, the apex bank said.
The. directive was contained in a circular signed by Dr. Alvan E Ikoku, Director, Financial Markets Department, and issued to all authorized foreign exchange dealers in the country over the weekend.
The CBN also directed the banks to ensure that they process and meet the demands for PTA/BTA customers within 24 hours of such applications and to process and meet demands for school fees (including allowances) and medical bills within 48 hours of such applications.
These directives/ orders the CBN said is “to further increase foreign exchange liquidity in the market and ensure availability to end users.”
The CBN then warned that “non-compliance with these directives would attract sanctions, including but not limited to being barred from all future CBN foreign exchange interventions.”