By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Sunday directed commercial banks to henceforth process and meet foreign exchange demands for travel allowance PTA/BTA within 24 hours of such application.

This is contained in a statement signed by Alvan Ikoku,  the director, Financial Markets Department of the CBN.

“Banks are mandated to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, as long as the end users meet basic requirements already outlined in earlier directives,” the circular said.

Similarly, banks are mandated to process and meet demands for school fees and medical bills within 48 hours of such application.

Also, the apex bank directed all deposit money banks to open a teller point for retail FX transactions, including buying and selling, in all locations in order to ensure access to foreign exchange by their customers and other users, without any hindrance.

According to the CBN, all banks must have an electronic display board in all their branches; showing rates of all trading currencies, and customers must insist on processing FX transactions based on the displayed rates.

This is coming on the heels of the CBN’s efforts to reform the forex market and increase liquidity and availability of forex to end users and halt the dwindling fortune of the local currency.