Top banks in Nigeria have assured their customers of adequate provision of Foreign Exchange to meet their legitimate forex demand at designated branches.
The assurance came from Zenith Bank Plc, Guaranty Trust Holding Company (GTCO), Union Bank of Nigeria Plc, United Bank for Africa (UBA) and First City Monument Bank (FCMB) Plc that have all set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerians in compliance with the directive of the Central Bank of Nigeria (CBN) to them.
Similarly, the apex bank while assuring the banking public that it will monitor the commercial banks to ensure they meet the legitimate FX demands of customers, dismissed speculations of conversion of the foreign exchange in domiciliary accounts of customers into naira.
Copies of letters to customers of both the tier -1 and 2 Banks seen by InsideBusinessNG directed their customers to go to designated for their legitimate forex needs.
The letters to the customers are further to the assurance by the Committee of Chief Eexcutives of Banks led by the managing director of Access Bank, Herbert Wigwe that the banks are ready to comply with the apex bank’s directive on direct sale of forex to legitimate users.
The letter from Union Bank read, “We are pleased to inform you that we now have dedicated foreign exchange teller points at our branches nationwide for your FX needs, including PTA/BTA, international school fees payments, and more. Simply provide the required documentation and we’ll take care of the rest.”
The Bank listed International Passport, a valid visa, and a return ticket as conditions to get forex for those in need of Dollars to travel.
“For travel allowance, you’ll need a duly completed Form A, your International Passport, a valid visa, and a return ticket.
”Your PTA/BTA request will only be processed if: You are 18 years and above, and you have a valid BVN
Your trip has a flight time of 5 hours and above.
“You have not received up to $4,000 or its equivalent within the quarter
Your travel date is not more than 14 days from the date you purchase your PTA/BTA
“For international school fees payments, you will need an official admission letter, school bill, and a duly completed Form A. Post-graduate students must also show their first degree certificate.
Also, a letter from GTCO to its customers read, “As part of our commitment to continually serve our customers, we will ensure all customers’ requests are handled on a first served priority basis based on the availability of funds both in cash and electronically…”
On its part, Zenith Bank disclosed to its customers, “Personal/Business Travel Allowance (PTA/BTA) available for sale at Zenith Bank Branches nationwide. Simply walk into any of our branches with your travel documents.”
UBA also asked its customers to go to designated branches to obtain forex, stating that it had installed dedicated teller points for forex transactions at all their branches nationwide, listing PTA/BTA, foreign school fees payment, receipt of money transfer (FX) in cash and access to other remittance services with ease as services available to customers.
While a letter from First City Monument Bank (FCMB) to its customers stated, “We are pleased to inform you that the Central bank of Nigeria (CBN) has approved the resumption of sales of Personal or Business Travel Allowance (PTA/BTA).
“To access this, simply visit any FCMB branch today with the following documents and make your request. Personal/Business Travel Allowance (PTA/BTA) available for sale at Zenith Bank Branches nationwide. Simply walk into any of our branches with your travel documents.”
The CBN had on Thursday last week directed Deposit Money Banks (DMBs) to commence the sale of Foreign Exchange to Customers in need of forex.
In a circular with Ref No: BSD/DIR/PUB/LAB/14/052,
addressed to All banks, the apex bank ordered them to set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerians.
According to the letter to the DMBs signed by Haruna Mustafa, Director, Bank Supervision Department, the regulator disclosed that a toll-free line had been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests.
The Apex Bank’s Acting Director, Corporate Communications, Osita Nwanisobi, informed of the CBN’s monitoring mechanism to guarantee the seamless sale of foreign exchange to customers who supported their requests with relevant documentation.
He said the CBN had also extracted the commitment of the banks, through their Chief Executive Officers, that customers with legitimate requests will not be turned back.
He dismissed insinuations that the CBN planned to convert the foreign exchange in the domiciliary accounts of customers into Naira in order to check the purported shortage of the foreign currency.
While he disclosed that those making such allegations were criminal speculators whose intention was to create panic in the foreign exchange market stated that the CBN at no time suggest or imply that it would tinker with the foreign exchange deposits of customers.
He, therefore, urged operators of domiciliary accounts and other members of the banking public to go about their legitimate foreign exchange transactions and disregard fictitious stories aimed at pitching them against the Bank and triggering chaos in the system.
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