Access Bank, others send crucial updates on buying dollars to Nigerians travelling abroad

Access Bank, Zenith Bank, United Bank for Africa (UBA), and other Nigerian deposit banks have updated their processes for purchasing dollars by Nigerians traveling abroad.

This update comes in response to the decision by the Central Bank of Nigeria (CBN) to unify the multiple exchange rates in the country.

Legit.ng had earlier reported that the CBN also released a statement confirming the operational changes in the foreign exchange market.

One of the significant changes is the abolition of segmentation in the foreign exchange market, consolidating all segments into the Investors and Exporters (I&E) window.

What the changes mean for Nigerians travelling abroad

For Nigerians planning to travel, the process of accessing foreign exchange for travel-related purposes remains unchanged.

However, there is a notable difference—the rate for purchasing foreign currency will no longer be fixed by the CBN but will be determined by the prevailing market rate at the point of purchase.

What this means is that the rate individuals buy today may differ from the rate they buy tomorrow or at any other time, subject to market fluctuations.

Access Bank's messages to customers obtained by Legit.ng reads: "The changes to the Central Bank's policy on Foreign Exchange have the following impact on the processing of all Form A (PTA/BTA, School Fees, Medical Fees...) and Form Q (SME) applications:

"All applications will continue to be processed through the Bank. The Naira-to-Foreign Currency exchange rate is no longer fixed by the Central Bank. Instead, the rate is determined by the prevailing Foreign Exchange market rate at the point of Foreign Exchange purchase, guided by the Investors and Exporters (I&E) window.

"The above will affect all new and pending Form A and Form Q applications. We kindly request that you adequately fund your account to accommodate the Naira equivalent of your Foreign Currency needs.