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Bank rate in forex

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bank rate in forex

On a daily rate, individuals bank for foreign exchange because of the need to meet specific personal exigencies, which cannot be transacted in naira. While some need it for their relatives upkeep abroad, many individuals travelling out of the country need it to pay for their foreign expenses. Procuring forex at a reasonable exchange rate was not a major challenge a few years ago. The regulatory authourity introduced a flexible inter-bank exchange rate market for those seeking forex. While black market rate is a bit higher, bank depositors can still get forex at a cheaper rate bank the bank for approved personal expenses. Forex banks may not want to recognise savings account, depositors with active current accounts can apply for Personal and Business Travel Allowance with their banks. The current account must not be forex and the owner must have a Bank Verification Number. Bank customers can purchase the PTA for members of their immediate families. While is it easy for those travelling to countries needing visa to get it, others visiting West African countries and places that do not require visa may not be able to get it. Also, customers are not allowed to purchase both the PTA and BTA on the same trip. They can, however, apply for them within the same quarter. To apply for the BTA, customers will be required to provide forex information such as a copy of the Certificate of Incorporation, letter of invitation from an offshore business counterpart stating the purpose of the visit and letter of nomination. For instance, rate student travelling abroad to study or already studying abroad and wants bank come home rate holiday will be allowed to apply for the PTA with a one-way ticket. Copyright PUNCH All rights reserved. Home News Sports Metro Plus Politics Business Entertainment Opinion Columnists Jobs Sign in Welcome! bank rate in forex

Central Banking, Currency, Inflation, Debt, and Exchange Rates

Central Banking, Currency, Inflation, Debt, and Exchange Rates

5 thoughts on “Bank rate in forex”

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