Access Bank To Deny Non-account Holders Access To Dollar, Others In Five Months, Set FX Allocation Limit

July 17, 2022

Access Bank has reviewed its foreign currency allocation for Maintenance/Upkeep of Nigerian students in foreign tertiary institutions, as dollar scarcity extends into the second half of the year.

The bank said abroad students limited maximum allocation to $1,500 per year, stating that the review will take effect from July 17 to December 2022. This was revealed in a statement to customers.

Join our WhatsApp Channel

Prime Business Africa gathered that foreign currency will only be made available to customers, excluding persons without account from accessing the forex for their Maintenance/Upkeep.

Also, persons that have accessed the stated maximum earlier this year will not receive allocation upon application, the statement released on Sunday says.

What Access Bank Told Customers On Foreign Currency Allocation

“Between now and December 2022, we will process only one Maintenance/Upkeep request yearly per applicant for a maximum amount of $1,500 and only for customers whose school fees were processed through Access Bank. This is subject to Maintenance/Upkeep not having already been disbursed previously at any time this year.

“Where the original school fees payments were settled through other banks, we will not process the corresponding Maintenance/Upkeep requests. Applicants will be advised to contact the bank that originally processed their school fees.

“All applications that meet the above criteria will be processed and disbursed within 30 days from the date of approval, confirming that funds and documents are in line with requirements and will remain subject to FX availability.

“PTA/BTA requests will be processed and disbursed subject to FX availability and within 14 days of approval.” The statement reads.

What you need to know

Access Bank’s foreign currency allocation review comes amid forex scarcity that has limited access for students and persons in need of the legal tender for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

While Nigeria’s foreign reserves rose from $38.4 billion to $39.4 billion last week, the country is still not able to meet the rising demands for FX in the official market, where forex is sold at N424.62, forcing people to depend on the black market which sells FX at $618.

+ posts

Latest from Business

Lack of Expertise Behind Failure of 95% of Enterprise AI Projects

A stark reality check awaits contact centre leaders pursuing AI transformation: whilst 95% of enterprise AI initiatives fail to reach production, the underlying cause isn’t technological limitations — it’s the critical shortage of expertise needed to execute successfully. Stuart Dorman, Chief Innovation
Previous Story

ASUU Strike: NLC Plans 2-day Nationwide Solidarity Protest

Next Story

Juventus, Bayern Munich Agree €80m Deal For De Ligt

Don't Miss

Caverton, Linkage Assurance Shares Soar, As Stock Market Gains N6.55 billion

Stock market rose 0.02% after close of business on Friday,
Gov Poll: INEC Resumes Collation Of Abia Results At 4pm Today

Guber Poll: INEC Resumes Collation Of Abia, Enugu Results At 4pm Today

Independent National Electoral Commission (INEC)  has announced that it will