Thursday, December 1 2022
  • Nigerian banks have announced an update on the requirements needed to be able to access dollars through an official channel
  • Changes are coming, Naira ended the trading week appreciating against the US Dollar in official markets
  • Meanwhile, the spread between the black and official exchange rate is currently at N335

Nigerian banks have started making adjustments to the requirement for customers to access foreign exchange.

The changes come amid a widening exchange rate between the black market and the official market.

Friday at Investors and Exporters WindowNaira closed at N445.67 per dollar, a difference of N330 from N780 per dollar traded on the black market.

The bank adjusts the demand for foreign currency from its customers Photo credit: DailyNigeria
Source: Facebook

Banks adjust foreign exchange demand

In a E-mail sent to customers, FirstBank said in the future, a minimum of 60 days is required for tuition processing, after submission of Form A documents at the branch.

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The local Nigerian 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:

“The maintenance request 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 has also advised customers that proof of payment of tuition fees for the current session will be required if fees have not been paid through FirstBank in what appears to be the Central Bank of Nigeria requirement for control access to the FX.

The bank has asked customers to ensure that all Personal/Business Travel Allowance (PTA/BTA) applications along with approved Form A are submitted, exactly 14 days prior to the proposed travel date.

He said sales are limited to two quarters per year.

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The bank explained:

“Remember that Form A applications which cover tuition fees, student maintenance and PTA/BTA must be processed on the Trade Monitoring System (TRMS) platform of the Central Bank of the Nigeria. This must comply with regulatory requirements.”

FirstBank added, however, that applications will be processed and disbursed subject to FX’s availability.

Nigerian banks announce new working days and closing time

Meanwhile, Nigerian banks have announced changes to their opening hours to help Nigerians holding soon-to-expire Naira currencies.

Banks have already announced that they have sent notifications of their working hours through their social media channels and customer emails

Details of the content of their emails and changes have been captured by Legit.ng in this report.

Source: Legit.ng

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