Banks Update Requirements to Get Forex As Official and Black Market Exchange Rate Difference Hit N335
- Nigerian banks have announced an update on requirements needed to be able to access dollars via an official channel
- The change is coming as Naira ended the trading week appreciating against the US dollar at the official markets
- Meanwhile, the gap between the black market and the official exchange rate is currently at N335
Nigerian banks have started making adjustments to the requirements needed for customers to access foreign exchange.
The change is amid a widening exchange rate between the black and official markets.
On Friday, at the Investors and Exporters window, Naira closed at N445.67 to a dollar this is a N330 difference when compared to N780 to a dollar exchanged at the black market.
Source: Facebook
Banks adjust forex request
In an email sent to customers, FirstBank said going forward, a minimum of 60 days is required to process school fees, following the submission of Form A documents at the branch.
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The Nigerian local lender added that this is subject to a maximum of $15,000 per semester, with a limit of 2 semesters per session.
FirstBank told customers:
“Application for Upkeep requires a minimum of 60 days for processing, subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester (limited to 2 semesters per session).”
The bank also told customers that evidence of payment of school fees for the current session will be required if fees were not paid through FirstBank in what appears like the Central Bank of Nigeria’s requirement for controlling FX access.
The bank asked customers to ensure that all personal/business travelling allowance (PTA/BTA) applications, along with the approved Form A, are submitted exactly 14 days before the proposed travel date.
It said sales are limited to two quarters a year.
The bank explained:
“Remember, Applications for Form A which covers School fees, Student Upkeep, and PTA/BTA must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) Platform. This must be in line with Regulatory Requirements.”
FirstBank, however, added that requests will be processed and disbursed subject to the availability of FX.
Ecobank has issued a similar message to its customers on the new changes.
Ecobank message to customer reads:
"We would like to inform you of the changes we have made to the sale of Foreign Currency in order to ensure equity and fair distribution of Personal Travel Allowance (PTA), International School Fees, and Upkeep Allowance to our esteemed customers.
"Please be informed that effective December 1st, 2022, the following processes will apply until further notice:
"Processing of PTA will be limited to a maximum of US$2,000 per quarter and twice a year (two times in alternate quarters).
"Application received would be considered if the account is active and fully funded.
"PTA requests will be prioritized based on FX availability.
"Additionally, applications for school fees and accommodation will continue to be treated on a first-come, first-served basis with a wait time of approximately 10 weeks.
"In order to clear the backlog for school fees, the application for upkeep allowances is temporarily on hold.
We appreciate your patronage and understanding while we look forward to a continued mutually beneficial banking relationship."
Nigerian banks announce new working days, closing time
Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies
The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails
Details of the contents of their emails and changes were captured by Legit.ng.
Source: Legit.ng
