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HomeBusinessAccess Bank reviews forex sales policy, to decline dollar sales to non-customers

Access Bank reviews forex sales policy, to decline dollar sales to non-customers

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Access Bank will henceforth decline to sell foreign exchange to individuals who do not operate banking accounts with the lender in a bid to reduce pressure on requests for dollars.

According to a letter sent to its customers, the lender said it was reviewing its policy on foreign currency transactions as part of measures to ensure optimisation of forex allocation.

The letter, which was directed to Nigerian students with tuition obligations and in need of upkeep at their schools abroad, said the decision to deny people without banking accounts with it will be in place for the next five months.

The Central Bank of Nigeria (CBN) had denied the cancellation of Form A, used to obtain FX for Nigerian students schooling abroad.

While as a result of the dollar scarcity in the county, many banks have been making changes to their FX policy due to dollar scarcity in the country.

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“We will process only one Maintenance/Upkeep request yearly per applicant for a maximum amount of $1,500 and only for customers whose school fees were processed through Access Bank.

“This is subject to Maintenance/Upkeep not having already been disbursed previously at any time this year.

“Where the original school fees payments were settled through other banks, we will not process the corresponding Maintenance/Upkeep requests. Applicants will be advised to contact the bank that originally processed their school fees

“All applications that meet the above criteria will be processed and disbursed within 30 days from the date of approval, confirming that funds and documents are in line with requirements and will remain subject to FX availability

“PTA/BTA requests will be processed and disbursed subject to FX availability and within 14 days of approval,” Access Bank notice to customers stated.

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