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FX RATES

CBN orders banks to set up teller points at branches for foreign exchange sales to customers

 

 

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of foreign exchange to meet legitimate forex requests of their customers.

This is coming after the apex bank announced that it will discontinue the sale of dollars to the Bureau De Change (BDC) operators.

The directive is contained in a memo by the CBN to the deposit money banks and signed by the Director, Bank Supervision Department of the apex bank, on Thursday, July 28, 2021, in Abuja.

The CBN in the memo also asked the banks to publicize the locations of the designated branches and make necessary arrangements to sell forex to customers in cash and/or electronically.

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