Several Nigerian banks have informed their customers that processing requests for international school fees and maintenance payments through Form A will now take up to 120 days (17 weeks). This change was announced in emails sent out on Tuesday and comes in the wake of ongoing foreign exchange shortages in the country.
Form A, an application form created by the Central Bank of Nigeria, facilitates payments for service transactions, such as foreign tuition, training courses, and medical bills. Using this form, Nigerians studying abroad can access foreign exchange at the official rate, which is typically lower than the black market rate. The Form A process used to take only two to three weeks.
Additionally, the banks have reduced the amount of dollars available for personal and business travel allowances to $2,000 per application, with a maximum of two applications per year per applicant. Access Bank noted that all applications would be processed and disbursed based on foreign exchange availability, proper documentation, and sufficient account funding.
First Bank also informed customers that requests for foreign exchange would be treated on a first-come, first-served basis, depending on the availability of foreign exchange. Customers were advised to apply for travel allowances in advance of their trips. Applications for Form A for school fees, student upkeep, and travel allowances must be processed through the Central Bank of Nigeria’s Trade Monitoring System, adhering to regulatory requirements.
