How Bank Customers Can access forex, as banks notify Customers

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Deposit money banks have begun to notify customers on how they can access forex without stress as they have started setting up forex desks in their various branches. This comes barely a week that the CBN stopped BDC operators from issuing forex.

The Central Bank immediately gave out warnings to banks to immediately begin issuing forex or risk punishment. Over the weekend, customers of some of the banks received email notifications, informing them of the availability of a desk to attend to their forex needs across branches.

A customer with Guaranty Trust Bank, Ayodele Omoshalewa, for instance, got a notice from the bank stating, “We have set up dedicated teller points at all our branches nationwide for your eligible foreign exchange needs.”

It said customers can buy 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.

The notifications suggests that customers must provide all the required documents to access forex on the same day of request.

It also said customers must be “18 years and above, and have a valid Bank Verification Number (BVN)”, among other requirements.

GTB for instance, fixed the PTA request at a maximum of $4,000 per quarter per applicant among other requirements.

Customers from Sterling, Ecobank, UBA and Zenith also confirmed

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