Stanbic Ibtc New Forex Policy

Nigerian banks have warned that customers who do not comply with the new foreign substitution policy may confront criminal prosecution by the Key Bank of Nigeria (CBN).

This was disclosed via emails to their customers stating that defaulters of the new foreign exchange policy may face fines, including being prevented from accessing FX from the official FX marketplace, banking concern account restrictions every bit established by the CBN, and criminal prosecution.

Tecconomy.ng can authoritatively study that the financial institutions that sent sent the emails to their customers include United Bank for Africa Plc, Zenith Bank Plc, Stanbic IBTC.

In the e-mail, to customers, Stanbic IBTC Bank said: "In line with the Central Depository financial institution of Nigeria'southward policy to improve access to strange exchange (FX) for legitimate transactions, Stanbic IBTC Bank would like to assure y'all of our delivery to providing yous with foreign exchange for your Personal and Business Travel as well as payment for overseas Instruction, Medical and other eligible invisible transactions.

Equally our valued client, you lot have a role to play to ensure the success and integrity of the policy. In this regard, Stanbic IBTC Depository financial institution would similar to remind you of the requirements when applying for FX for Personal and Business organization Travel:

FX Shall exist Sold for Legitimate Travel Purpose But: E'er have a articulate intention and legitimate purpose to travel. Yous are required to provide a valid Nigerian passport and a valid visa to an international destination.

Only Valid Travel Documents Shall be Accustomed: Your ticket must be to an international destination outside of W Africa and Cameroun. Y'all are required to provide an international render ticket, with a travel date not more than than 14 days from the date of PTA or BTA purchase.

You Tin can Only Apply for PTA or BTA Once in a Quarter: PTA or BTA requests are express to a maximum of $four,000 and $5,000 per quarter per applicant, respectively.

Unutilised PTA or BTA: Customers are required to render purchased PTA or BTA to Stanbic IBTC Bank inside two weeks from the date of purchase if non utilised for the intended purpose or if for whatever reason the scheduled trip is cancelled

Awarding on Behalf of a Third Party is not Allowed: Do not Apply on Behalf of a Third Party. FX will simply exist sold directly to applicants who are Nigerians, who are 18 years and to a higher place and take a valid Bank Verification Number (BVN).

False Awarding and Employ of Simulated Documents Prohibited: Imitation application and employ of fake documents to buy PTA or BTA is strictly prohibited and is a fiscal offense punishable under the applicative laws in Nigeria.

Defaulters of this FX policy may face sanctions that include being barred from accessing FX from the official FX market in the future, restrictions on their bank accounts for such periods equally may be determined by the CBN as well as possible criminal prosecution.

Please note that Stanbic IBTC Banking company is committed to partnering with the CBN to ensure a transparent, efficient and stable FX Marketplace that meets the needs of all legitimate users. Give thanks you for cyberbanking with us.

Below is the statement sent by Zenith Depository financial institution plc: