How to access forex, banks notify customers

CBN had on Tuesday cancelled the sales of forex to Bureau

Some commercial banks have confirmed they are beginning to set up foreign exchange (forex) desks at every branch following a directive from the Central Bank of Nigeria (CBN) last week.

CBN had on Tuesday cancelled the sales of forex to Bureau De Change (BDC) operators and directed the banks to take charge instead.

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By Thursday, bank chiefs confirmed they had a meeting with CBN and had been directed to set up desks at branches of their banks to attend to the forex needs of customers.

At the weekend, customers of some of the banks said they are getting email notices, informing them of the availability of a desk to attend to their forex needs across branches.

A customer with Guaranty Trust Bank, Comfort Oche, said she got a notice from GTCO, the new holding company of the bank stating this.

The notice seen by Daily Trust, said, “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.

While it noted that people can get their forex request the same day, it added that it is subject to the customer providing all the required documentation for these transactions.

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

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

Another notice was seen from Sterling Bank. It said: “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.”