STAMBIC IBTC BANK Release Important Updates On New foreign exchange market Form A, Form Q, And Other FX Transaction,

PHOTO SOURCE: CBN

STAMBIC IBTC BANK  Release Important Updates On New foreign exchange market  Form A, Form Q, And Other FX Transaction,

Further to the Central Bank of Nigeria (CBN) press release on operational changes to the foreign exchange market, the following updates have been made on Form A - Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees, medical fees - and Form Q (Small and Medium Enterprises) applications:

1. The Bank will continue to process Form A and Form Q applications.
2. The foreign currency exchange rate to the Naira will no longer be determined by the CBN.
3. Foreign currency exchange rates to the Naira will be determined by the prevailing Investors and Exporters window (I&E) rate at the time of purchase.
4. All regulatory documents required for processing foreign currency requests remain the same.

We advise all applicants to adequately fund their accounts with the Naira equivalent of their request at the prevailing I&E window rate. Note that these changes apply to all new and existing Form A and Form Q applications.

You may also refer to the CBN Frequently Asked Questions (FAQ) Guide on the update.

Thank you for your continued trust in our services. 

Source: Stambic IBTC Bank