The Investors and Exporters (I&E) window will determine the exchange rate when applying for Form A with the Central Bank of Nigeria (CBN), a commercial bank disclosed.
Globus Bank in a memo to customers on Wednesday revealed that the apex bank will not set the exchange rate for Form A applications.
“Based on the recent changes by the Central Bank of Nigeria (CBN) to its foreign exchange policy, kindly take note of the following updates on all pending and new Form A applications,” the bank said.
“The exchange rate from naira to foreign currency is no longer fixed by the Central Bank of Nigeria (CBN).
“The rate is now determined by the prevailing market foreign exchange rate in the Investors and Exporters (I&E) window at the point of purchase.
“The application process remains the same i.e. all applications will be processed through the CBN TRMS portal.
“Consequently, we kindly advise that you ensure your Globus Bank account is adequately funded with the naira equivalent of your foreign currency request,” the bank said.
Chronicle NG reports that Nigerians seeking to pay school fees abroad or travel for medical, tourism, etc have to seek dollars from the CBN using the Form A application.