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First Bank explains position on new CBN FX policy

First Bank Nigeria limited, lead subsidiary of FBN Holdings plc has clarified its stand on the newly introduced Central Bank of Nigeria (CBN) foreign exchange policy and how its customers will key into the new forex regime.

The bank in a publication to its customers, assured of its willingness to issue forex to the qualified applicants that meet necessary requirements recommended by the apex bank.

The bank reassured of its commitment to ensure that CBN’s policy objective in the new fx policy is achieved, as it works towards boosting foreign exchange availability in the Nigerian foreign exchange market as well as easing difficulties encountered by Nigerians in obtaining funds for visible transactions.

FBN said that personal travel allowance in forex would only be given to persons of 18 years and above who are holders of Nigerian passports, who are account holders of the bank.

The bank clarified that personal travel allowance would only be given to applicants embarking on journeys not less than five hours flight, originating from Nigeria.

The bank further said that it would sell PTA to customers embarking on journeys to be undertaken, specifically not more than two weeks from the date of purchase of PTA.

The bank said that applicants for BTA must supply to the bank with their verifiable Bank Verification Numbers (BVN), and shall be entitled to $4,000,000 per quarter.

According to the bank, its forex payment related to school fees, would be made directly to the school accounts, for payment not above $15,000,00 or its equivalent in other currencies, per semester or term.

Applicants for this category of forex , the bank said shall be recognised parents, or guardians’, with verifiable BVN numbers.

School fees forex application, the bank said should be accompanied with duly completed form A, admission letter from the school and the school’s invoice.

The bank notified that CBN’s weekly sales of forex for school fees and personal travel allowances holds every Tuesday.





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