foreign exchange

CBN direct banks to create mobile apps to update customers of fx movement

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The Central Bank of Nigeria, CBN has directed commercial banks to create mobile applications and alert systems to update customers of their foreign exchange movement.foreign exchange

This follows the CBN’s ban on sales of forex to Bureau de Change operators and directive to deposit money banks to establish teller points to fulfill legitimate forex requests from customers.

The new directive which was contained in a circular signed by the Director, Banking Supervision Department, Haruna Mustafa.

CBN also advised banks to ensure that no customer is turned back or refused forex.

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