Forex: CBN goes tough on banks, releases phone line for complains

The Central Bank of Nigeria is determined to sanction banks who violates the new forex rules of selling dollar at N360 for invisibles by releasing emergency mobile phone line for customers denied access to forex.

Aside from the 07002255226 emergency line, CBN also released an email address, [email protected], for immediate complaint against any commercial bank that denies a customer access to foreign exchange.

The provision is made particularly for customers buying foreign exchange for school fees and medical fees. “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],’’ CBN said.

The apex bank said the aggrieved customer should name the bank 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 statement added.

CBN debunked claims by some banks that it was not selling enough foreign exchange to them for BTA, PTA, tuition and medical fees.

CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, advised customers to report any defaulting bank as necessary sanctions would be invoked on erring banks.

He said that information reaching the apex bank show that some customers seeking to buy foreign exchange for BTA, PTA, medical and school fees were being frustrated by some banks.

These banks, he said, give false claim that the CBN was not allocating enough foreign exchange to them for such purposes. “All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demands for BTA, PTA, tuition and medical fees.”

According to him, on a weekly basis, the CBN has been selling at least $80 million to banks for onward sale to their customers for these invisible items.