- Access and other commercial banks are sending messages to customers planning to travel abroad concerning the changes in applying for foreign currencies
- These changes are a direct response to the recent foreign exchange policy adjustments introduced by the Central Bank of Nigeria
- Under the new system, the CBN will no longer determine the naira exchange rate; instead, the prevailing market rate at the time of purchase will be considered
Access Bank, Zenith Bank, United Bank for Africa (UBA), and other Nigerian deposit banks have updated their processes for purchasing dollars by Nigerians traveling abroad.
This update comes in response to the decision by the Central Bank of Nigeria (CBN) to unify the multiple exchange rates in the country.
Legit.ng had earlier reported that the CBN also released a statement confirming the operational changes in the foreign exchange market.
Read also
"It remains naira card": Nigerians react as CBN lifts dollar deposit restriction on bank accounts
One of the significant changes is the abolition of segmentation in the foreign exchange market, consolidating all segments into the Investors and Exporters (I&E) window.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
What the changes mean for Nigerians travelling abroad
For Nigerians planning to travel, the process of accessing foreign exchange for travel-related purposes remains unchanged.
However, there is a notable difference—the rate for purchasing foreign currency will no longer be fixed by the CBN but will be determined by the prevailing market rate at the point of purchase.
What this means is that the rate individuals buy today may differ from the rate they buy tomorrow or at any other time, subject to market fluctuations.
Access Bank's messages to customers obtained by Legit.ng reads:
"The changes to the Central Bank's policy on Foreign Exchange have the following impact on the processing of all Form A (PTA/BTA, School Fees, Medical Fees...) and Form Q (SME) applications:
Read also
Immigration plans Business Trust Visa for investors to reduce cyber crime
"All applications will continue to be processed through the Bank. The Naira-to-Foreign Currency exchange rate is no longer fixed by the Central Bank. Instead, the rate is determined by the prevailing Foreign Exchange market rate at the point of Foreign Exchange purchase, guided by the Investors and Exporters (I&E) window."The above will affect all new and pending Form A and Form Q applications. We kindly request that you adequately fund your account to accommodate the Naira equivalent of your Foreign Currency needs.Aliko Dangote loses over N1.4trn in hours after CBN naira decision
Meanwhile, in another report, Nigerian billionaire Aliko Dangote's wealth has experienced a significant decline of N1.4 trillion following the devaluation of the naira
The devaluation was triggered by CBN's move to unify the country's multiple exchange rate system
Most of Dangote's investments, which are linked to his wealth, are based in Nigeria, and the performance of the naira directly affects his wealth
Read also
"How floating the naira benefits you": PDP chieftain explains Tinubu's policy, taunts Peter Obi
Source: Legit.ng
ncG1vNJzZmiklZy2tXrNoGZqbWNuhHJ8jJ%2Bsp5xdlrCku9Snq2aZk5iytL%2BMm5ino6NiwrGwwK2crGWgp7yksdKsnKxlkqrGbrDOpaOaqqNiu6qzxKugmqajYsGzrdWeo6Kml2Kuo77OmptnoKSiuQ%3D%3D