CBN Orders Banks To Meet Forex Demands For School Fees In 48Hrs

The Central Bank of Nigeria has asked Deposit Money Banks to meet demands for school fees, allowances and medical bills within 48 hours.

The CBN gave the directive in a circular signed by the Director Financial Markets Department, Alvan Ikoku in Abuja on Sunday.

The circular reads in part, “In order to further increase foreign exchange liquidity in the market and ensure availability to end-users, all banks are hereby directed to open teller points in all locations in order to ensure access to foreign exchange by their customers without any hindrance.

“Have electronic display boards in all their bringing, showing rates of all traded currencies. Process and meet demand for school fees including allowances and medical bills within 48 hours of such applications.

“Please note that non-compliance with these directives would attract sanctions, including but not limited to being barred rom all future CBN foreign exchange interventions.”


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