The Central Bank of Nigeria (CBN) has set up a toll-free line at the CBN for bank customers to escalate unresolved complaints related to their Foreign exchange (FX) requests.

This was disclosed in a letter to banks titled, “RE: TELLER POINTS AT BANK BRANCHES FOR THE SALE OF FX TO RETAIL CUSTOMERS“.

The new set up follows the Monetary Policy Committee (MPC) brefing of July 27, 2021 that CBN will no longer sell foreign exchange (forex) to Bureau De Change (BDC) operators in the country, because operators have been found to be channels for illegal financial flows.

Furthermore, it directed all Deposit Money Banks (DMBs) to set up teller points at their 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.

According to the letter directed to banks, “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 complance 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 application and alert systems to update customers on status of their FX requests.

“As communicated during the briefing, a toll-free line has been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests

“The CBN will continue to closely monitor banks’ conduct and compliance with this directive in order to ensure an efficient FX market for all legitimate users.” It stated.

The apex bank also warned DMBs that any breach of the directive will be severely sanctioned.