Nigeria – Nigerian banks provide updates on changes to Forex or Foreign Exchange requests by students aiming for schools abroad. The announcement shared by banks was through email on Sunday, November 27.
Different banks in Nigeria provided updates on changes to Forex or Foreign Exchange requests from students in various schools in Nigeria as they target schools overseas. These banks provided the announcement through email on November 27, Sunday.
The lenders stated that handling school payments would take about 60 days after Form A’s receipt, which is documentation at the branches. They tracked the request to $15,000 every semester, a maximum of two semesters per session.
According to the letter from Ecobank, the application of Upkeep needs at least 60 days for handling, and it’s subject to a max of $3,0000 per semester or the equivalent of the amount in other currencies. It’s limited to two semesters for every session. Proof of payment of the educational institution’s fees for the present session is necessary.
The letter requests that all PTA/BTA applications with an authorized Form A be submitted at the branch 14 days before the planned travel date. Sales have a limitation to two quarters per year. The banks will process the requests as per the availability of FX.
The Central bank of Nigeria revealed that the country’s foreign reserves continued at $37.18 billion as of November 24. It’s $3 billion lower than the recorded $40 billion at the start of the year.
On another note, the Bangladesh Bank formulates regulations to penalize authorized dealer branches of banks and money changers. The cost is Tk5 lakh for misdeeds in Forex transactions.
The institutions face license cancellation and charges for breaching the remaining regulations of the central bank. Requesting anonymity, a Bangladesh Bank’s senior official stated that the regulator seldom cancels a license for an abnormality, like action eventually disturbs the activities of other firms. The reason is that the import-export operations of many companies are done via a bank’s authorized dealer branch.
According to the office, there’s no penalty for anomalies, which is why many companies go for under-invoicing and over-invoicing of their import-export trade. They should make new rules to penalize the associations.
The central bank official added that previously, there were irregular product imports via authorized dealer banks. Moreover, the price of export products is not deported, according to rules. It now released show cause notices to 49 money changers for many anomalies in dollar trading, and the authorization of five more individuals has been suspended. On August 8, six foreign and local banks were gone from the list due to excessive profits.