2021-07-28 | FPR/LAD/INT/BDC/01/095

Circular for BDC Refunds

The Central Bank of Nigeria (CBN) is reminding all Deposit Money Banks (DMBs) to set up teller points at designated branches for fulfilling legitimate foreign exchange (FX) requests, including those for travel allowances, tuition fees, medical payments, and SME transactions. DMBs are required to publicize branch locations, sell FX to customers in compliance with regulations, and ensure no customer is turned away if documentation is satisfactory. The CBN will closely monitor banks' conduct and compliance, and any breach of the directive will result in severe sanctions.

Nigeria

Central Bank of Nigeria

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