What you need to know to get FX from Nigerian banks

One of the biggest commercial banks in Nigeria, Access Bank, has provided the information bank customers need to access foreign exchange following the collapse of all the FX segments into the Investors’ & Exporters’ window and the unification of the exchange rates. 

The lender, in an email seen by Markets Reporters on Thursday, highlighted detailed requirements for FX transactions. 

Here is the information from the bank:

The Personal Income Tax Act requires that individual applicants upload a valid Tax C~rance Certificate (TCC) on the Trade Monitoring System (TRMS) for requests including but not limited to: international school fees payment, personal travel allowance, personal home remittances, medical bill payments, accommodation payments, upkeep payments, and all other individual FX requests.

In view of this, both pending and future applicants are required to choose the ‘upload’ option to:

•Attach a valid TCC, which must have a Tax Identification Number, Tax expiry details, Information on tax paid within the last three years and the holder’s name must match the name of the applicant on the TRMS. 

•Attach a Bid instruction indicating their maximum preferable FX purchase rate and a timeline given to the bank to source funds on their behalf. The Bank will then source for funds within this timeline and at your quoted rate in the Investors & Exporters window. Where documentation is incomplete or your quoted rate is lower than the prevailing market rate. the request will be rejected, and a new request with a new quoted rate will be required.

You may also cancel your request to source for FX at any time by logging into the TRMS portal and choosing the ‘cancel’ option. Successful applications with proper documentation will be processed and disbu-sed subject to FX availability, and if the account to be debited is sufficiently funded to cover the Form A charge and other processing fees. We are committed to serving you excellently at all times.

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