In a new email newsletter circulated to the customers of Ecobank Nigeria Limited on Wednesday, a Nigerian pan African bank, the bank has confirmed the very strict huddles for obtaining foreign currency in Nigeria at the moment.
This is as Nigerians wishing to study or further their education abroad, especially in the United Kingdom are currently preparing for the September admissions timeline in UK universities and colleges.
In the newsletter with the subject “Re: Update on Retail Foreign Exchange Transaction” the bank have advised her customers on the requirements and steps for obtaining foreign currency for the purpose of payment of school fees.
The newsletter also made provisions on requirements for other purposes or needs for foreign currency permitted by the Central Bank of Nigeria (CBN). Nigeria has for sometime now restricted the purposes for official access to foreign exchange through the CBN official windows.
In the newsletter, the bank said: “As part of our commitment to providing optimum banking experience, we would like to share the following updates to enable us serve you better regarding your retail foreign exchange transactions for International School Fees and Accommodation payments, as well as your PTA/BTA requests.
“Due to current market trends, we require that requests for School Fees and Accommodation be submitted early, ahead of the due date, for processing . Also note that part of the process involves a review of all documents to ensure compliance with regulatory requirements.
“In order to ensure smooth service and allow disbursement of your transactions within the timeline, we request that applications are submitted with the required documentation as detailed below.”
Particularly for payment of schools fees, the bank have advised her customers on the following requirements:
School fees
- Duly completed Form A
- Students valid Nigerian passport bio-data page
- Letter of admission for course/program
- Recent School bill
- Students valid Visa/Residence/Study Permit (for returning students)
- Bank/Remittance details of the School
- Photocopy of 1st degree (in the case of post graduate studies)
- Evidence of relationship if fees are paid by a 3rd party
- Letter of authority to debit your account
- Marriage certificate/evidence of change of name where applicable
Regarding those who need foreign exchange for purpose of business – Basic Travel Allowance (BTA) or Personal Travel Allowance (PTA) for holiday/leisure travelers, the bank also advised the following:
PTA/BTA
- Duly completed Form A
- Duly confirmed return ticket
- Nigerian passport bio-data page
- Letter of authority to debit customers account
- Valid Visa to country of destination
Specifically for BTA customers, the bank further requires the following:
- Letter of invitation from the overseas partner
- Letter of introduction from the company stating the employee going on the business trip
- Certificate of incorporation
The said email newsletter was signed by one Korede Demola-Adeniyi, the Head of Consumer Banking.
