In furtherance to its directive to commercial banks to sell forex to customers, the Central Bank of Nigeria has asked the banks to create mobile applications and alert systems to update customers of their foreign exchange movement.

This directive came after the CBN’s decision to stop sales of forex to Bureau de Change operators and the directive to deposit money banks to establish teller points to fulfill legitimate forex requests from customers.

The new directive was revealed in a circular signed by the Director, Banking Supervision Department, Haruna Mustafa, which was issued on Wednesday with the reference number: BSD/DIR/PUB/LAB/14/082.

The circular reads: “Further to the Monetary Policy Committees (MPC briefing of July 27 2021 of Deposit Money Banks (DMBs are hereby reminded to set up teller points at designated branches across the country to fulfil legitimate FX requests for Personal Travel Allowance (PTA Business Travel Allowance (BTA), tuition fees, Medical payments, SMEs transactions, amongst others.

“In this regard DMBs are also required to adequately publicize the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and or electronically in compliance with extant regulations.”

Banks were also advised to ensure that no customer is turned back or refused forex provided that documentation and all other requirements are satisfied equally.

“Undue delays rationing and/or diversion of FX is strongly discouraged whilst DMBS are required to establish electronic applications and alert systems to update customers on status of their FX requests

“As communicated during the briefing, toll-free lines have been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests,” the statement read.

The apex bank restated that it would continue to closely monitor banks conduct and compliance with the directive, adding that any breach of the directive would be severely sanctioned

The CBN had on Tuesday announced that it would no longer sell forex to bureau de change operators due to price manipulation and corruption. It asked Nigerians who want to buy forex to go to banks.

Although the new policy caused the naira to fall farther against dollar, it has been hailed by many as the right step to rescue the Nigerian currency, which has been on free fall since 2015.

Prof. Uche Uwaleke of Finance and Capital Market said the decision is in the best interest of the country, though it has demerits.

“It is consistent with the move by the CBN to unify exchange rates and bring more transparency to the forex market. Exchange rate unification is in line with the IMF and World Bank’s recommendations and so improves the country’s profile and credit standing before international financial institutions,” he said.

The CBN said the BDCs were flouting the regulation that allowed them to sell a maximum of 5,000 dollars, selling millions of dollars per day. The apex bank noted that the bureau de change operators were also aiding money laundering and other financial crimes.

However, many believe that the new policy will only aggravate the already bad situation of naira, since it will take a long time to be stabilized because there are a few banks compared to the large number of BDCs. Besides this concern, experts say the apex bank needs to ensure that all bank branches comply with the directive to make it work.

Apart from the directive to banks to develop forex apps, the CBN also provided contact details where customers seeking forex could report any bank going against the rules.

“Once a customer presents all required documentation to purchase forex, the commercial banks should ensure they get the forex. Any customer that is denied should contact the CBN on 0700385526 or through the email- cbd@cbn.gov.ng,” the CBN said.

Amazon has been caught on the European Union’s antitrust web amid intensified regulatory moves by the bloc to curtail the excesses of tech giants, especially the misuse of people’s private information.

The e-commerce giant faces a record-breaking €746 million (roughly $887 million) fine after a European Union data privacy regulator said it had violated the bloc’s signature privacy law, known as GDPR, in an advertising-related decision, CNN Business reports.

The fine was imposed on July 16 and disclosed Friday in a financial filing. It is the largest in the law’s three-year history, followed by Google’s 2019 fine of €50 million.

Regulators said Amazon’s processing of personal data didn’t comply with GDPR requirements, and the company acknowledged it has been ordered to change its business practices.

Amazon said the regulatory decision was “without merit” and added that it plans to “defend ourselves vigorously in this matter.”

“The decision relating to how we show customers relevant advertising relies on subjective and untested interpretations of European privacy law, and the proposed fine is entirely out of proportion with even that interpretation,” the company said.

The penalty for the alleged violation was imposed by data regulators in Luxembourg, where Amazon has its European headquarters. A spokesperson for the Luxembourg data authority, CNPD, declined to comment, citing the ongoing nature of the legal proceeding.

The fine marks the latest example of European regulators zeroing in on Big Tech. Officials in Europe and the UK have increasingly been scrutinizing the business practices of companies including Amazon, Apple, Facebook and Google amid allegations they have harmed competition and abused consumer privacy. GDPR, or the General Data Protection Regulation, seeks to rein in how digital platforms use consumer data and to regulate data breaches.

In a further statement to CNN Business, Amazon said customer information had not been leaked or exposed.

“Maintaining the security of our customers’ information and their trust are top priorities,” the statement said. “There has been no data breach, and no customer data has been exposed to any third party. These facts are undisputed.”

Under the EU’s privacy law, violations can carry penalties of up to €20 million or 4% of a company’s global revenue, whichever is higher. The EU in recent times, has added amendments to its existing antitrust laws to deal with accelerating complaints of misuse of private data, anti-competition and monopolistic practices by tech companies.

Google, Apple and Facebook were regulars in the controversy, and have been occasionally fined by the watchdogs. The €746 million Amazon’s fine shows the GDPR’s determination to escalate its regulatory responsibility and make a deterrent statement.