CBN: Call us if your bank doesn’t give you needed FX in 24 hours (updated)

The Central Bank of Nigeria (CBN) says Nigerians should put a call through to the apex bank, if any commercial bank does not give foreign exchange for genuine demand in 24 hours.

Reacting to comments on customer frustration by some deposit money banks (DMBs), the CBN said DMBs have more than enough forex to meet demand.

“Information reaching the Central Bank of Nigeria (CBN) reveals that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees,” CBN said via a statement.

“This claim is totally untrue. All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. Indeed, on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items.

“Members of the public seeking to buy forex for the above-mentioned purposes are, therefore, advised to go to their banks and obtain their forex. Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to [email protected], with the name and branch of the non-cooperating bank.

“Furthermore, no customer should accept to buy forex from any bank at more than the CURRENTLY prescribed rate of N360/$1.”

CBN on Thursday revealed that it would sell $10,000 to bureau de change operators from Monday, April 3, 2017.

Meanwhile, CBN has also frowned on the practice by some banks forcing customers to collect their money in cards instead of cash.

The central bank has directed all banks to make cash available to customers.