By joshua 
by Dave Ibemere
Nigerian banks have announced an update on requirements needed to be able to access dollars via an official channel.
The changes is coming as Naira ended the trading week appreciating against the US dollar at the official markets
Meanwhile the gap between the black and and official exchange rate is currently at N335
Nigerian banks have started making adjustments to the requirement needed for customers to access foreign exchange. The changes is amid widening exchange rate between the black and official market.
On Friday, at the Investors and Exporters window, Naira closed at N445.67 to a dollar this a N330 difference when compared to N780 to a dollar exchanged at the black market. Bank adjust customers’ demand for forex
CBN may devalue naira massively after elections as the gap between black market, official rate widens.
In an email sent to customers, FirstBank said going forward, a minimum of 60 days is required in processing school fees, following the submission of Form.
A documents at the branch. The Nigerian local lender added that this is subject to a maximum of $15,000 per semester, with a limit of 2 semesters per session.
FirstBank told customers: “Application for Upkeep requires a minimum of 60 days for processing, subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester (limited to 2 semesters per session).”