Banks Heed CBN Directive, Take Over Forex

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Adhering to a directive from the Central Bank of Nigeria (CBN) last week, commercial banks are proceeding to set up foreign exchange (forex) desks at every branch.

Recall that Nexus News reported on tuesday that CBN had abolished the sales of forex to Bureau De Change (BDC) operators and directed the banks to take charge instead.

Bank chiefs disclosed they had a meeting with CBN on Thursday and had been authorized to set up desks at branches of their banks to heed to the forex needs of customers.

During the weekend, customers of some of the banks confirmed that they are getting email notices, notifying them of the availability of a desk to attend to their forex needs across branches in the country.


The notice read “We have set up dedicated teller points at all our branches nationwide for your eligible foreign exchange needs.”

Another notice Sterling Bank read: “We just wanted to let you know that every branch of Sterling is designated, and you can visit any branch where our forex teller is ready to serve you and meet your transaction needs.”

It noted that the customers can purchase their Personal Travel Allowance (PTA), Business Travel Allowance (BTA), pay international school fees, foreign medical bills, SME Form Q transactions and every other qualifying foreign exchange transaction.

It also pointed out that people can get their forex request the same day, however, it is subject to the customer providing all the required documentation for these transactions.

Also, it stated that customers must be “18 years and above, and have a valid Bank Verification Number (BVN)”, among other requirements.

GTB further pegged the PTA request at a maximum of $4,000 per quarter per applicant among other requirements.

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