September 23, 2023

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Exchange Rate: Bank Urge Customers to Increase Funding to get FX


CEM REPORT, FINANCE | Customers of Deposit Money Banks (DMBs) have been urged to increase the funds in their Naira accounts in order to get the equivalent of the foreign currencies they requested on Form A and Form Q.

Banks have also said that they would sell foreign currencies to their customers at the market-determined rate at the time of processing.

This is as coming as a result of the floating of the Naira to harmonize the exchange rate windows.

“We kindly request that you adequately fund your account to accommodate the Naira equivalent of your foreign currency needs.

“Whilst thanking you for your patronage, please be assured of our utmost commitment to always provide you with quality banking service.”

Banks in their message to customers noted that those who had filed for foreign exchange (FX) allocation at the old rate of N465/$1, would have to increase funds in their account to meet the new market-determined rate.

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Access Bank on its part noted that the changes “will affect all new and pending Form A and Form Q applications.”

While Fidelity Bank stressed that the change will apply to “payment for letter of credit, bills for collection and other invisible trade transactions.”

It added that “all eligible requests will be treated subject to FX availability.”

In the case of First Bank, it stated that “All applications will be processed through the bank; however, the Foreign Exchange (FX) rate will no longer be determined by the CBN.”

“Applicable rates will be determined by the prevailing rate at the Investors & Exporters (I&E) window at the time the request is processed by the Bank.

“All regulatory documentation requirements subsist.

“Kindly ensure that your account is sufficiently funded at all the stages of application.

“These changes affect all new and pending applications.”

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