"Fund Your Account": Access, UBA, Zenith Other Banks Updates Forex Forms Guidelines for Students, Importers

"Fund Your Account": Access, UBA, Zenith Other Banks Updates Forex Forms Guidelines for Students, Importers

  • Access and other commercial banks are sending messages to customers planning to travel abroad concerning the changes in applying for foreign currencies
  • These changes are a direct response to the recent foreign exchange policy adjustments introduced by the Central Bank of Nigeria
  • Under the new system, the CBN will no longer determine the naira exchange rate; instead, the prevailing market rate at the time of purchase will be considered

Access Bank, Zenith Bank, United Bank for Africa (UBA), and other Nigerian deposit banks have updated their processes for purchasing dollars by Nigerians traveling abroad.

This update comes in response to the decision by the Central Bank of Nigeria (CBN) to unify the multiple exchange rates in the country.

Access banks naira to dollar exchange rate
Nigerian banks will now exchange naira to dollar at market price. Photo credit: sabilaw
Source: Facebook

Legit.ng had earlier reported that the CBN also released a statement confirming the operational changes in the foreign exchange market.

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One of the significant changes is the abolition of segmentation in the foreign exchange market, consolidating all segments into the Investors and Exporters (I&E) window.

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What the changes mean for Nigerians travelling abroad

For Nigerians planning to travel, the process of accessing foreign exchange for travel-related purposes remains unchanged.

However, there is a notable difference—the rate for purchasing foreign currency will no longer be fixed by the CBN but will be determined by the prevailing market rate at the point of purchase.

What this means is that the rate individuals buy today may differ from the rate they buy tomorrow or at any other time, subject to market fluctuations.

Access Bank's messages to customers obtained by Legit.ng reads:

"The changes to the Central Bank's policy on Foreign Exchange have the following impact on the processing of all Form A (PTA/BTA, School Fees, Medical Fees...) and Form Q (SME) applications:

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"All applications will continue to be processed through the Bank. The Naira-to-Foreign Currency exchange rate is no longer fixed by the Central Bank. Instead, the rate is determined by the prevailing Foreign Exchange market rate at the point of Foreign Exchange purchase, guided by the Investors and Exporters (I&E) window.
"The above will affect all new and pending Form A and Form Q applications. We kindly request that you adequately fund your account to accommodate the Naira equivalent of your Foreign Currency needs.

Aliko Dangote loses over N1.4trn in hours after CBN naira decision

Meanwhile, in another report, Nigerian billionaire Aliko Dangote's wealth has experienced a significant decline of N1.4 trillion following the devaluation of the naira

The devaluation was triggered by CBN's move to unify the country's multiple exchange rate system

Most of Dangote's investments, which are linked to his wealth, are based in Nigeria, and the performance of the naira directly affects his wealth

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.