Aduragbemi Omiyale
By Aduragbemi Omiyale
One of the tier-one lenders, First Bank of Nigeria Limited, has said henceforth it would request at least 60 days to process the foreign exchange (FX) requests of customers.
In a statement sent to its customers on Wednesday, December 28, 2022, the bank, however, did not specifically disclose the maximum period the forex purchase would be successful. It also did not clarify if the 60 days are calendar days or working days.
But it emphasised 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 one of the policies commercial banks are adopting to help the country conserve the scarce forex despite the rising prices of crude oil in the global market.
Nigeria has been unable to earn more from the sale of crude oil due to the stealing of the commodity by powerful persons. This has reduced the volume of production, denying the nation funds for economic development.
In the notice obtained by Business Post, the lender emphasised that, “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,” the disclosure revealed.
