FOREX: CBN warns Banks against sharp practices

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ABUJA – As part of its efforts to end the frustrations suffered by genuine FOREX customers, the Central Bank of Nigeria (CBN) has directed banks to henceforth ensure that all applications for
Basic/Personal Travel Allowance (BTA/PTA) are processed within 24 hours, while Medical and tuitions should be concluded within 48 hours of such applications.
The CBN further directed banks to open foreign exchange outlets in all leadership locations warning that any breach of this directive would be visited with severe sanctions.
In a circular issued over the weekend, the apex Bank further directed all banks and authorized dealers to put up electronic display boards in all their branches, showing the rates of all traded currencies.
The circular signed by the Director, Financial Markets Department,
Dr. Alvan Ikoku further urged customers to insist on processing FX transactions based on the displayed rates.
Meanwhile, the CBN warned that it would sanction any authorized
dealer that fails to comply with its directive by barring any erring
bank or dealer from all future CBN foreign exchange interventions,
among other sanctions.

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