Nigerian banks raise FX school fees request time, cut BTA, DTA

Nigerian banks have announced a reduction in the amount of dollars available to customers for personal travel allowance and business travel allowance on a bi-annual basis.

The banks also extended the processing time for accessing foreign exchange for international school fees processed through Form A from 48 hours to 120 days, marking a significant shift in the FX policy.to pay for service transactions that allow customers to make payments for services such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, PTA and BTA, among others.

“At FirstBank, we value you and are committed to keeping you informed on changes regarding Foreign Currency requests,” First Bank said in its disclosure. The bank announced that the payment of school fees is subject to a maximum of $7,500 per semester and is limited to 2 semesters per session. “Requests will continue to be treated on a first come, first served basis, subject to availability of FX. Ensure that your account is sufficiently funded.”

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Banks raise processing time for FX school fees to 120 days, cut PTA/BTA to $2k | TheCableNigerian banks say international school fees and upkeep requests through Form A will now be processed within 120 days. Why not 5 years? Set of unscrupulous people!! Lol… 120 days… they should just make it 6 months so people can get the message clearly 😂🤣😂
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