TheCable

The Deposit Money Banks (DMBs) in the country said they have complied with directives of the Central Bank of Nigeria (CBN) on the sale of foreign exchange to all customers.

At the end of the CBN monetary policy committee meeting in Abuja on Tuesday, Godwin Emefiele, governor of the apex bank, directed banks to set up teller points to meet legitimate foreign exchange (FX) demands.

The development was due to the discontinuation of FX sales to Bureaux De Change (BDCs) operators.

The apex bank had alleged that the BDC operators engaged in illegal financial flows and money laundering in Nigeria.

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

The banks include Zenith Bank, Fidelity Bank, Guaranty Trust Holding Company (GTCO), Polaris Bank, Keystone Bank, Sterling Bank.

Others are Ecobank and Wema Bank.

In one of the email messages, GTCO Plc 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 Bank said it has put in place an electronic transaction alert system that will provide a status update on FX requests.

Zenith Bank, on its part, 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.

For school fees, admission letter, payment invoice, first degree certificate (postgraduate studies), and a duly completed Form A are required.

A banker with Fidelity Bank told TheCable on Saturday that an internal circular was also issued on Friday to all staff informing them of the development.

On Thursday, the Body of Bank Chief Executive Officers (CEOs) had said the banking industry would provide forex to all legitimate customers as directed by the Central Bank of Nigeria (CBN).

Herbert Wigwe, chairman of the Body of Bank CEOs and Access Bank MD, said banks have broader sources than BDCs to meet customers’ forex needs.