Amaka  Obiefuna
Nigeria’s apex bank, the CBN has recently mandated  banks to henceforth ensure that all applications for Basic/Personal Travel Allowance (BTA/PTA) are processed within 24 hours, while Medical and tuitions should be concluded within 48 hours of such applications.

In another development the CBN further directed banks to open foreign exchange outlets in all leadership locations warning that any breach of this directive would be visited with severe sanctions.
In a circular issued over the weekend, the apex Bank further directed all banks and authorized dealers to put up electronic display boards in all their branches, showing the rates of all traded currencies.
Dr. Alvan Ikoku, the CBN Director of Financial Markets Department, who signed the circular also customers to insist on processing FX transactions based on the displayed rates.
The bank warns that it would sanction any authorized dealer that fails to comply with its directive by barring any erring bank or dealer from all future CBN foreign exchange interventions, among other sanctions.