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, Olayemi Cardoso, said 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.”
