In furtherance to the current market update by the Central Bank of Nigeria (CBN) on the Foreign Exchange policy, First Bank Nigeria has released the following updates concerning Form A (School Fees, PTA/BTA, Medicals etc.) and Form Q requests.
All applications will be processed through the Bank; however, the Foreign Exchange rate will no longer be determined by the CBN. This is in accordance with the new directive from the CBN that now allow market forces to determine the exchange rate of its currency.
Applicable rates will be determined by the prevailing rate at the Investors & Exporters (I&E) window at the time the request is processed by the Bank. First Bank also announced that all regulatory documentation requirements subsist and applicants should ensure that their accounts are sufficiently funded at all the stages of application.