In an updated message, Access Bank has informed its customers that applications to obtain dollars for school fees abroad and other needs will now be processed within 60 days of approval and subject to the availability of foreign exchange.
The commercial bank said in a statement sent to its customers through email that the changes were designed to meet customers’ needs and optimising the bank’s FX allocation to ensure efficient service delivery.
The bank added that dollars will only be made available to customers that used the bank to process international school fees.
” International school fees are processed for customers who initiate their request via Access Bank”.
“Applications will be processed and disbursed within 60 days from the date of approval, subject to FX availability, provided funds and documents are in line with requirements.” the statement partly read.
Investors King understands that the update in forex policy was warranted due to the increased scarcity of foreign exchange in Nigeria.
The shortage of foreign exchange has been one of the challenges facing the country in recent times. This has led to astronomical increase in the Naira – Dollar exchange rate at the black market to N820 per U.S. Dollar even though the official exchange rate stood at N439 as of Thursday.
Many commercial banks have therefore initiated policies to reflect the scarcity.
While several customers are finding it difficult to access foreign exchange for various purposes which include international school fees and personal travel allowances (PTA), commercial banks have responded that they can not give what they do not have.
Similarly, the naira redesign policy of the Central Bank of Nigeria has further worsened the situation. The apex bank has announced that it will redesign N100, N200, N500, and N1000 notes.
In reacting to the news, a number of Nigerians who had hitherto stored huge amounts of naira at home thereafter trooped to the Bureau De Change seeking for dollar which has brought more pressure on Naira at the black market.
As of the time of writing this report, a US Dollar is now changed for about N848 at the parallel market otherwise known as the black market while it is traded for N439 to $1.
