Banks give updates on FX requests for students targeting schools abroad

Banks in Nigeria have provided updates on modifications to foreign exchange (FX) requests made by Nigerian students targeting schools abroad.

The banks announced the changes in an email to customers on Sunday.

The lenders said that processing of school fees would now take at least 60 days after the receipt of Form A documentation at their branches.

They also pegged the request to $15,000 per semester and a maximum of two semesters per session.

“Application for Upkeep requires a minimum of 60 days for processing and is subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester (limited to 2 semesters per session),” Ecobank said in a letter.

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Evidence of payment of school fees for the current session will also be required.

“Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch, exactly 14 days before your proposed travel date. Sales are limited to two quarters a year.

“Applications for Form A (School fees, Student Upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) Platform. This must be in line with Regulatory Requirements.

“Requests will be processed and disbursed subject to the availability of FX,” they stated.

Meanwhile, the Central bank of Nigeria has revealed that the country’s foreign reserves stood at $37.18 billion as of November 24.

This was $3 billion lower than the $40 billion recorded at the beginning of the year.