Last Updated on October 18, 2023 by admin
Sequel to Central Bank of Nigeria (CBN) recent ban on sales of forex to Bureaux De Change (BDC) operators, the apex bank now makes USD available to customers through the commercial banks.
Governor of the bank, Godwin Emiefele, announced the ban at a press briefing which held after a meeting of the Monetary Policy Committee of the bank, on Tuesday. The Apex bank said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Due to this announcement, Commercial banks has set up foreign exchange teller points at respective branches to meet up with foreign currency requirements as directed by CBN.
According to data tracked by Etimes, Foreign currency buyers can now walk into any commercial banks in Nigeria to get PTA and BTA in Dollars, Pounds or Euro, pay international school fees, foreign medical bills, SME Form Q transactions and every other qualifying foreign exchange transaction ithout stress provided you meet up with the requirements.
Banks banks are mandated to “immediately” and transparently sell forex to customers who present the required documents. All banks are to immeidtaely create dedicated tellers for the same purpose.
Cusromers not attended to by the banks are to report to the CBN through a toll free number: 0700 22 55 226 or email: email@example.com.
Please note that this is subject to you providing the required document for these transactions.
1. A valid Nigerian passport with a valid Visa, and valid international return ticket with a travel date not more than 14 days from the date of PTA/BTA purchase.
2. Customers should be 18 years and above, and have a valid Bank Verification Number.
3. PTA request is limited to a maximum of $4,000 per quarter per applicant
4. A return ticket originating from Nigeria, with a minimum travel time of 5 hours to your destination.
5. Travelling abroad? You can get a maximum of $4000 Personal Travel Allowance, $5,000 Business Travel Allowance or its equivalent per quarter.
International school fees payment
1. Admission letter, payment invoice, First degree certificate for only post graduate studies and a duly completed Form A are required for school fees.
2. Students can apply themselves or through their parents, and guardians with valid BVN
Please note: Foreign exchange can be purchased by holders of Nigerian passports who are 18 years and above