Worried by the growing demand for foreign exchange by customers and being conscious of the likely implications in the event of flouting the Central Bank of Nigeria, (CBN)’s rules, Access Bank has provided updated information to its customers on foreign exchange needs.
The important updates, which are for FX needs for international school fees, upkeep payments and BTA/PTA, are, according to the bank, in line with its determination to provide customers with best banking experience.
This is even as CBN is said to have commenced tightening noose and all the likely leakages in the foreign exchange market.
Besides, CBN was believed to have been jolted by the rising demand for forex, particularly, under the education and invisible subheads.
For instance, analysis by data it recently presented on foreign exchange demands showed that Nigerians spent at least $220.86 million on foreign education between December 2021 and February 2022.
This is according to the CBN data on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange for December 2021 to February 2022. In December 2021, the apex bank stated that it spent $90.67m on foreign education. The CBN also noted that in January 2022, a total of $60,202,730.84 was spent on foreign education, while noting that $69.9m was spent in February 2022.
Besides the alleged roundtripping ocassioned by the growing disparity between the official and parallel markets rates,there is likely going to be upsurge in demand for foreign exchange with the continued closure of public universities on account of the ongoing and seemingly, unending strike by the Academic Staff Union of Universities, (ASUU).
It was further gathered that some banks are currently under the rader of CBN for alleged infractions on foex transactions.
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"Dear customer
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 fee, upkeep payments and PTA/BTA requests.
" All requests are reviewed to ensure 5hey meet regulatory requirements.
In addition, due to limited forex availability provided by the CBN, we require a 30-day period to fulfill 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 timeliine.
Here's a reminder of the proper documentation required by the CBN to fulfill your request :
. Duly confirmed return ticket showing e-ticket number
. Biodata page of your passport
. Authorization to debit your account
. Valid visa
. Account should have been opened and run for at least six months
. In addition to the above, for BTA, require
. A letter of invitation from the company stating the employee going on business trip
. Certificate of incorporation
School fees /upkeep /others
. International passport
. Valid visa
. Recent school bill
. Admission letter
. 1st degree certificate (if school fees is for postgraduate course)
. Evidence of relationship if fees are paid by a third party
. A written instruction to debit your account for this transaction
. Living expense (if your request is for upkeep
. Marriage certificate /evidence of name change where applicable."
