The Central Bank of Nigeria (CBN) has ordered commercial banks to henceforth process and meet foreign exchange demands between 24 to 48 hours after retail customers receive applications.
In a statement signed by the Director, Financial Markets Department, Dr. Alvan Ikoku, the CBN also mandated banks to have electronic display boards in all their branches that would show rates of all traded currencies.
The apex bank, in its latest directive on foreign exchange activities to all authorised banks, specifically noted that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) would now take a maximum of 24 hours, while school fees and medicals, among others, would not exceed 48 hours before disbursements are made.
The new directive, which came as part of reforms in the forex market is to increase liquidity and availability of forex to end users and reduce the overbearing pressure on the Naira.
Similarly, CBN has restated the need for all customers demanding forex to provide all documents required to conclude the transactions without delay.