Buying Forex (Dollar, Euro, Pounds) from Central Bank of Nigeria (CBN)

Since January 2022 till June 2022, the US Dollar has risen from €1 EUR = $1.1374 to €1 EUR = $1.0518. Considering that this is due to either a rise of the dollar or the drop in value of the Euro or both phenomenon, there may also be policies from the CBN which may have changed. The increasing difficulty with accessing Forex has recently been voiced by various segments in the country. There are some changes to the processing of Forex for all purposes due to multiple reasons a few of which is availability, demand and logistics.

Applying for Foreign Exchange Currency – Customer’s Updated Information:

Before you apply, it is important to know that:

Applications for Form A (School, Medical and other fees) are submitted online via the CBN Forex Application Form (link below).
Please select that it is a valid for FX request when submitting your application on the portal.
Supporting documents for PTA/BTA must be physically presented at the point of disbursement to complete the approval process.
PTA/BTA applications can be assessed at participatory bank branches.
PTA/BTA cannot be disbursed earlier than 14 days prior to your travel date.

After you apply, please note that:

Disbursement is subject to FX availability/allocation by the CBN and may take up to 30 days due to limited availability.
Application status tagged ‘Awaiting Disbursement’ on the trade monitoring portal does not mean funds have been allocated by the CBN.
Your account must remain funded with the required amount for successful disbursement once funds are available.
Unutilized PTA/ BTA must be returned within two (2) weeks from the date of purchase to avoid regulatory sanctions.

CBN Forex Application Form Online https://www.tradesystem.gov.ng/landing/index.html?__sta=vhg.hhksexIhbhbochtfs%7CUHT&__stm_medium=email&__stm_source=smartech

The CBN’s Press Release on the Various Forex Application Categories

A. Travel Allowances

Having cleared the historic backlog of matured letters of credit at the inception of the current flexible exchange rate system, the CBN would immediately begin to provide foreign exchange to all
commercial banks to meet the needs of both personal travel allowances (PTA) and business travel allowances (BTA) for onward sale to customers. All banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.

B. School and Medical Fees

Similarly, the CBN would meet the needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. Such payments must be made by commercial banks directly to the institution specified by the customer. The CBN would ensure that this
process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand. This would also apply to customers seeking to make payments, or purchase foreign exchange, for medical bills and paid directly to hospitals. The supply of FX to retail end-users (PTA, BTA, School fees, medical bills, etc) would be sustained by the CBN.

C. Forward Sales Tenor

In order to further increase the availability of foreign exchange to all end-users, the CBN has decided to significantly reduce the tenor of its forward sales from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction.

D. FX Sales at Major Airports

In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit.

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