Banks, Happy Jumping Photo by Val Vesa on Unsplash

Nigerian banks are texting their customers about the availability of forex for personal travels. A series of text messages monitored by Nairametrics show commercial banks informing their customers that they can now purchase forex.

A text from a commercial bank read’ “Dear Client, purchase USD for eligible invisibles (Tuition fees, Upkeep, Medical Payments, Travel Allowances, etc) and SME transactions at our branches.”

Another commercial bank sent the following message to its customers; “Back in Business? Getting Ready for Back to School? No Need To Worry About FX.” Most users on social media platform, Twitter, also confirm receiving these messages.

The messages follow recent pronouncement by the CBN that it is ready to provide forex for investors who wish to repatriate funds from the country despite the drop in oil prices and its effect on forex supply.

 

The CBN also insisted that “Foreign Exchange available would be devoted to strategic importation or service obligations that are priority” as Nigerians worried about their ability to secure forex for essential items once the global lockdown eases.

How can you buy it?

Findings from Nairametrics indicate banks are willing to sell forex but currently sell to students, parents, and guardians looking to pay school fees. We understand forex is not being sold for PTA since air travel is still suspended in most countries following the global lockdowns. However, to purchase the forex, all you need to do is approach your bank with evidence of use.