Amid lingering forex scarcity, Nigerian banks have instructed their customers looking to buy foreign currency to put in their application 30 days ahead.
This is coming after many students and businessmen decried the long delay in access to forex despite meeting all the necessary requirements.
In a letter titled ‘important notice’, issued by Access Bank, it will need a 30-day period to fulfil requests for school fees, upkeep and rent payment.
Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) requests, it said, will take 14 days.
The letter reads; “In line with our commitment to giving you the best banking experience, we are pleased to provide the following important updates on your Forex needs for international school fees, upkeep payments and PTA/ETA requests.”
“All requests are reviewed to ensure they meet regulatory requirements.”