FOREX SCARCITY: Banks tell customers to apply for forex 30 days ahead

Amid lingering forex scarcity, Nigerian banks have instructed their customers looking to buy foreign currency to put in their application 30 days ahead.

This is coming after many students and businessmen decried the long delay in access to forex despite meeting all the necessary requirements.

In a letter titled ‘important notice’, seen by Ripples Nigeria, Access Bank says it will need a 30-day period to fulfil requests for school fees, upkeep and rent payment.

Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) requests, it said, will take 14 days.

Read also :CBN says there’s enough forex to finance eight months importation, services

The letter reads; “In line with our commitment to giving you the best banking experience, we are

pleased to provide the following important updates on your Forex needs for international school fees, upkeep payments and PTA/ETA requests.”

“All requests are reviewed to ensure they meet regulatory requirements.”

“In addition, due to limited FX availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfil requests for school fees, upkeep and rent payment.”

“However, for PTA/BTA, we request that you submit your application 14 days before your proposed travel date to allow disbursement within the timeline.”

The Access Bank letter also contained instructions on required documentation to fulfil the request for forex.

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