Banks to Meet Dollar Demands in 48 hours: CBN

The Central Bank of Nigeria (CBN) has directed commercial banks  to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours.

In a circular made available to journalists, on Sunday in Abuja, the Director, Financial Markets Department, CBN, Dr Alvan Ikoku said the order would further make foreign currencies readily available to end users.

Ikoku said that banks had been directed to process and meet the demand for personal and business travelling allowances by customers within 24 hours of application.

For school fees and medical bills, the apex bank said that the commercial banks were to meet demand within 48 hours.

He added that non-compliance with these directives would attract sanctions, including, but not limited to being barred from all future CBN foreign exchange interventions.

His words: “In order to further 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.

“They are to have electronic display boards in all their branches, showing rates of all traded currencies.”