CEM REPORT, FINANCE | First Bank of Nigeria Limited, has said henceforth it would require at least 60 days to process the foreign exchange (FX) requests of its customers.
The commercial lender also states that customers requiring the forex for the payment of school fees would be entitled to “$15,000 per semester and limited to two semesters per session,” while FX for “upkeep is subject to a maximum of $3,000” for two semesters per session.
This is according to a notice issued by the bank to its customers dated; Wednesday, December 28, 2022.
The bank in the notice did not however state the maximum period the request will take or clarify if the 60 days are calendar days or working days.
“Requests will continue to be processed and disbursed subject to the availability of FX.”
“A minimum of 60 days is required for processing school fees and upkeep/maintenance after the submission of documents along with the approved Form A at the branch.
“Payment of school fees is subject to a maximum of $15,000 per semester and limited to 2 semesters per session.
“Application for upkeep is subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester, limited to 2 semesters per session.
“Payment of school fees for the current session must be made through First Bank for upkeep to be processed.
“Application for Form A for (school fees, student upkeep and PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) platform and must be in line with regulatory requirements.”
With the country running low on forex and the CBN mandating banks to pay customers in the currency sent, commercial banks are forced to devise means to meet the regulation to avoid sanctions threaten by the apex bank.