Polaris Bank releases new guidelines for forex applications

Polaris Bank has warned that customers who intend to apply for foreign exchange with travel plans must have a return ticket. The lender also excluded some countries from travel destinations.

In an email sent to its customers on Friday, Polaris Bank said forex will be sold for legitimate travel purposes only, adding that West Africa and Cameroon are not eligible for FX.

The bank stated that persons going to countries outside of the aforementioned region must have an international return ticket, with a travel date not more than 14 days from the date of PTA/BTA purchase.

It further stated that, “You are required to provide a valid Nigerian passport.”

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It said the guideline was to improve access to foreign exchange for legitimate transactions that concerns personal and Business Travels as well as payment for overseas

Polaris Bank said PTA and BTA can only be applied for once in a quarter, and requests for them are limited to a maximum of $4,000 and $5,000 per quarter per applicant respectively.

The PTA and BTA purchased by customers are expected to be returned, “Within two (2) weeks from the date of purchase if not utilized for the intended purpose for any reason the scheduled trip is cancelled.”

Third party transactions and CBN sanctions

Polaris Bank stated that third party applications will not be processed, so no individual can apply on behalf of another. Only the applicant will be directly sold FX, and the person must be 18-years and above and must have a valid Bank Verification Number (BVN).

Meanwhile, any applicant caught with fake applications, as well as illegal documents for the purchase of PTA/BTA will be prosecuted for financial crime, which Polaris Bank said is punishable under the applicable laws in Nigeria.

“Defaulters of this FX policy may face sanctions that include being barred from accessing FX from the official FX market in the future, restrictions on their bank accounts for such periods as may be determined by the CBN as well as possible criminal prosecution.” The statement to customers reads.

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