CBN reviews timeline for issuance of credit letters amid forex crisis

To ensure ease of doing business, the Central Bank of Nigeria, CBN, has extended the timeline for issuing letters of credit from 24 hours to five working days as the country grapples with a foreign exchange crisis.

The Governor, Mr. Olayemi Cardoso, stated this in a recent document on Central Bank of Nigeria’s reviewed Service Charter.

According to him, the new service charter would enable the apex bank to fully comply with SERVICOM Nigeria’s directives on improving customer service delivery.

The Service Charter also includes a standardized Customer Complaints Form for reporting service failure and a mechanism for addressing service failure in any of the Bank’s services.

Recall that in the approved 2020 service charter of the CBN, the timeline for issuing and managing letters of credit was 24 hours.

However, with the reviewed 2023 service charter, the timeline is now five working days.

Also, the CBN extended the timeline for Form M and NXP registration from 24 hours to two working days.

Cardoso expressed commitment “to providing more responsive and citizen-friendly governance through quality service delivery that is efficient, accountable and transparent.”

Reacting to the development, the Director of the Centre for the Promotion of Private Enterprise and newly appointed member of Nigeria Customs Service Board, Dr Muda Yusuf, said that the revised service charter would help manage cash flow and boost confidence in the banking transaction process.

DAILY POST reports that Naira bounced back on Thursday against the Dollar, exchanging at N843.07/$1 from N951.22/$1 on Wednesday at the official forex market.