Banks adjust forex sale policy as dollar scarcity persists
Commercial banks have reviewed their policy on forex sales to Nigerian students abroad and travellers. Quarterly dollar disbursements to customers were slashed, with a limit to students schooling abroad pegged at $1,500 as against $4,000. The Nation gathered that the cut followed dollar scarcity, which has led to fewer allocations of the currency to banks, reduced dollar deposits and difficulty faced by businesses in accessing forex. Some of the banks cut the amount of foreign currency customers can spend on payment cards abroad to as low as $20 monthly. In an e-mailed note to customers, titled: Update on Foreign Currency Transactions, Access Bank said it will between now and December 2022, process only one maintenance| upkeep request yearly per student schooling abroad for a maximum amount of $1,500. The bank explained that such service will only apply to customers whose school fees are processed through its branches. It added that such would be subject to maintenance| upkeep not having already been disbursed previously at any time of the year. “Where the original school fees payments were settled through other banks, we will not process the corresponding maintenance| upkeep requests.
Banks adjust forex sale policy as dollar scarcity persists
Commercial banks have reviewed their policy on forex sales to Nigerian students abroad and travellers. Quarterly dollar disbursements to customers were slashed, with a limit to students schooling abroad pegged at $1,500 as against $4,000. The Nation gathered that the cut followed dollar scarcity, which has led to fewer allocations of the currency to banks, reduced dollar deposits and difficulty faced by businesses in accessing forex. Some of the banks cut the amount of foreign currency customers can spend on payment cards abroad to as low as $20 monthly. In an e-mailed note to customers, titled: Update on Foreign Currency Transactions, Access Bank said it will between now and December 2022, process only one maintenance| upkeep request yearly per student schooling abroad for a maximum amount of $1,500. The bank explained that such service will only apply to customers whose school fees are processed through its branches. It added that such would be subject to maintenance| upkeep not having already been disbursed previously at any time of the year. “Where the original school fees payments were settled through other banks, we will not process the corresponding maintenance| upkeep requests.