Ecobank Assures Customers Timely FX Sales at Competitive Rates

By Sodeinde Temidayo David

On the new foreign exchange (FX) regulations for all Deposit Money Banks (DMBs) by the Central Bank of Nigeria (CBN), Ecobank Nigeria has assured its customers of satisfactory services.

At the end of the third quarter meeting of the Monetary Policy Committee (MPC) in Abuja last week, the CBN directed all commercial banks to immediately create designated desks in their branches for the sale of FX to eligible customers.

The apex bank governor, Mr Godwin Emefiele, had said the banking industry regulator would now channel weekly FX allocations, up till then meant for Bureaux De Change (BDCs), to commercial banks.

In order not to breach the directive given by the CBN and to implement the new FX policy, Ecobank has made provisions for the smooth implementation of the directive.

The lender has established designated teller points to sell forex to customers with valid requests for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), tuition fees, medical payments, SMEs transactions, other legal exchanges.

In an email to its customers, the financial institutions assured of flexible and well-structured deals, timely service delivery at competitive rates. It also said its highly skilled experts will also provide special advisory services.

Ecobank said all its branches have been put on notice to ensure smooth FX sales to eligible customers and non-customers with legal documentation and details.

The lender said all relevant staff, especially the Tellers, have been trained on strict adherence to the circular of the CBN, which aims to ensure availability, access and efficient handling of all FX transactions.

The Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, reaffirmed that the bank remains a one-stop-shop for all FX needs particularly for PTA, BTA, school fees, medical bills, mortgage payments and remittances, stressing that all customers with genuine documents and complying with the FX regulations will be well served by the bank.

“I wish to assure our customers that there are no worries. Walk into any of our branches nearest to you and access FX once you have genuine documents, legitimate needs and meet the other requirements.

“We have staff dedicated to handle and meet your foreign exchange needs. From Personal and Business Travel Allowances to tuition and medical payments. Be rest assured, Ecobank has got your back,” the renowned banker said.