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Forex

CBN orders commercial banks to process forex for retail customers in 24-hours

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has ordered commercial banks to henceforth process and meet foreign exchange demands between 24 to 48 hours after retail customers receive applications.

In a statement signed by the Director, Financial Markets Department, Dr. Alvan Ikoku, the CBN also mandated banks to have electronic display boards in all their branches that would show rates of all traded currencies.

In its latest directive on foreign exchange activities to all authorised banks, the apex bank specifically noted that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) would now take a maximum of 24 hours, while school fees and medicals, among others, would not exceed 48 hours before disbursements are made.

Paul

The author Paul