Connect with us

Business

Nigerian banks peg students’ forex request to $15,000 as reserves drop

Published

on

Banks in Nigeria have provided updates on modifications to foreign exchange (FX) requests made by Nigerian students targeting schools abroad.

The banks announced the changes in an email to customers seen by Ripples Nigeria on Sunday.

The lenders said that processing of school fees would now take at least 60 days after the receipt of Form A documentation at their branches.

They also pegged the request to $15,000 per semester and a maximum of two semesters per session

“Application for Upkeep requires a minimum of 60 days for processing and is subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester (limited to 2 semesters per session),” Ecobank said in a letter.

Evidence of payment of school fees for the current session will be also required.

READ ALSO: IMF proffers solution to Nigeria’s forex crises, Naira depreciation

“Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch, exactly 14 days before your proposed travel date. Sales are limited to two quarters a year.

“Applications for Form A (School fees, Student Upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) Platform. This must be in line with Regulatory Requirements.

“Requests will be processed and disbursed subject to the availability of FX,” they stated.

Meanwhile, the Central bank of Nigeria has revealed that the country’s foreign reserves stood at $37.18 billion as of November 24.

This was $3 billion lower than the $40 billion recorded at the beginning of the year.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now