Nigerian Banks Extend Form A Processing Time Amid Forex Shortages

Banks Announce New Processing Times and Limits for International School Fees and Upkeep Requests

Nigerian Banks Extend Form A Processing Time Amid Forex Shortages

Several Nigerian banks have informed their customers that processing requests for international 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 shortages in the country.

Form A, an application form created by the Central of Nigeria, facilitates payments for service transactions, such as foreign tuition, training courses, and medical bills. Using this form, Nigerians studying abroad can access 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 noted that all applications would be processed and disbursed based on availability, proper documentation, and sufficient account funding.

First also informed customers that requests for 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 fees, student upkeep, and travel allowances must be processed through the Central of Nigeria’s Trade Monitoring System, adhering to regulatory requirements.

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