Following the Central Bank of Nigeria (CBN) directive to establish designated teller points in all commercial branches for the sale of foreign exchange (FX) to individuals with legitimate demand for school fees, travel allowance and a host of others, many have also sent out letters to their customers on the criteria for eligibility.
Guarantee Trust Group (GTCo) in its letter, informed its customers that further to the recent CBN directive on the sale of FX it has set up dedicated teller points at all its branches nationwide for their eligible FX needs.
The letter reads in part: “Kindly walk into any of our branches nationwide to buy your Personal Travel Allowance, Business Travel Allowance, pay your international school fees, foreign medical bills, SME Form Q transactions and every other qualifying foreign exchange transaction.
“We will treat your foreign exchange requests instantly. This means that you will get your FX the same day in cash and in the case of school fees and medical bills payment, to the stipulated beneficiary offshore. Please note that this is subject to you providing all the required documentation for these transactions.”
It however listed different criteria for the FX sale. Requirements for Personal Travel Allowance, Business Travel Allowance (PTA/BTA) include:
· You should be 18 years and above, and have a valid Bank Verification Number (BVN)
· A valid Nigerian passport with a valid visa, and valid international return ticket with a travel date not more than 14 days from the date of PTA/BTA purchase.
· PTA request is limited to a maximum of $4,000 per quarter per applicant.
· A return ticket originating from Nigeria, with a minimum travel time of 5 hours to your destination.
For International School Fees Payment:
· Students can apply themselves, or through their parents, and guardians with valid BVN.
· Admission letter, payment invoice, First degree certificate (Only for Post graduate studies) and a duly completed Form A are required for school fees.
For the FirstBank Group, the bank noted that Life can be filled with so many uncertainties and challenges. However, it told its customers that “getting up to $4,000 as your Personal Travel Allowance (PTA) and $5,000 for your Business Travel Allowance (BTA) quarterly shouldn’t be stressful if you meet these criteria:
· Must be 18 years and above
· Must have a valid Bank Verification Number (BVN)
· Must have a valid Nigerian passport, valid VISA and return ticket
· Travel date must not be more than 14 days from date of PTA/BTA purchase.
The bank added that “With the our Visa Debit Multi-Currency Card, you can transact business anywhere in the world, whether in Naira, Dollars, Pound Sterling or Euro, all on one debit card.”
In a personalised letter to its customers, StanbicIBTC, said: “In compliance with this circular (CBN circular on, “Teller Points at Bank Branches for the Sale of FX to Retail Customers,” we have set up designated teller points at all our branches nationwide to fulfil legitimate FX requests for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), tuition fees and medical bills (aboard), SME transactions, mortgage payments, and life insurance premium payments.
“As part of our commitment to continually serve our customers, we will ensure all customers’ requests are handled on a first served priority basis based on the availability of funds both in cash and electronically.”
The letter added, Please note that the existing process and documentary requirement for processing PTA, BTA and other FX payments still apply. We appeal that you follow all COVID-19 precautions as you visit any of our branches.”
On its part, Fidelity Bank Plc also told its customers that it has set up dedicated Teller Points across our branches nationwide to meet their legitimate FX demands.
“We have also put in place electronic transaction alert system that will provide status update on your request,” it said and went on to list the Eligible Transactions to include:
· Personal Travel Allowance
· Business Travel Allowance
· Tuition Fees
· Medical payments
· SME transactions
“Kindly visit any of our branches nearest to you along with the relevant documents to purchase your FX. All FX sales will be in your preferred foreign currency at the prevailing CBN rates,” the bank concluded.
Similarly, Ecobank Nigeria announced its preparedness “to meet your Retail FX needs and improve your access to FX for all Legitimate Form A transactions.”
Ecobank first of all explained the effects of the CBN Monetary Policy Committee (MPC’s) decision leading to the setting up of the FX teller points to include:
· Likely increase the NGN volatility in the Alternative and Parallel market
· Gradual stability in NGN across the market segments
· Provision of cheaper credit to improve aggregate demand, stimulate production, reduce unemployment and support the recovery of output growth.
Other commercial banks are equally expected to set up similar FX teller points.