We need 8 weeks to process customers’ forex request — Stanbic

Stanbic IBTC Bank has said it requires six to eight weeks before it can process the request for foreign exchange (forex) made by its customers.

Recall that the Central bank of Nigeria (CBN) stopped the sales of forex to the Bureau De Change (BDC) several months ago and directed that bank customers should approach their banks for such requests, in an intervention strategy.

However, as the request for forex swells amidst concerns of rising forex scarcity, the bank in a notice to customers on Thursday said, “To serve you better, please be informed that we now require six to eight weeks to process your FX needs for international school fees, upkeep and medical payments. This will enable us to review your requests in line with regulatory requirements and ensure that we are able to source for FX to fulfill them.”

It, however, said the processing period for the Personal Travel Allowance (PTA) and the Business Travel Allowance (BTA) requests would require customers submitting their application 14 days before the travel date.

They are to provide documentation according to CBN rule, which include bank account opened within 6 months, valid visa, international passport, return tickets, authorisation to debit account (for both PTA and BTA).

For the BTA only, Stanbic requires Certificate of Incorporation, letter of invitation, and letter of introduction from the company or employer.

“We are committed to improving your banking experience with us and providing you with top notch services, hence following the limited supply of FX by the CBN,” it stated.