Forex: Banks Begin Direct Sales To Customers

Following lask week’s directive by the Central Bank of Nigeria (CBN) on the sale of foreign exchange (Forex) to retail customers, the banks have now set up teller points at designated branches

They include Zenith Bank, Fidelity Bank, Guaranty Trust Holding Company (GTCO), Polaris, Keystone, Sterling. Others are Ecobank and Wema Bank.

The banks, in various email messages, informed their customers that they have set up dedicated teller points for forex transactions.

GTCO Plc,  in its email message,  notified its customers that FX desks have been set up nationwide for eligible foreign exchange needs.

“Kindly walk into any of our branches nationwide to buy your Personal Travel Allowance, Business Travel Allowance, pay your international school fees, foreign medical bills, SME Form Q transactions and every other qualifying foreign exchange transaction,” the email reads.

“We will treat your foreign exchange requests instantly.

“This means that you will get your FX the same day in cash and in the case of school fees and medical bills payment, to the stipulated beneficiary offshore. Please note that this is subject to you providing all the required documentation for these transactions. 

Fidelity, on its part, said it has put in place an electronic transaction alert system that will provide a status update on FX requests.

Zenith Bank also listed requirements for the purchase of forex for personal travel allowance, business travel allowance, international tuition fee, and overseas’ medical bill payments.

The requirements are a valid Nigerian passport with a valid visa, and a valid international return ticket with a travel date not more than 14 days from the date of PTA/BTA purchase.

Source: Sun

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