The Central Bank of Nigeria’s (CBN) directed Deposit Money Banks to publish names of defaulters of the new policy on the sale of foreign exchange for overseas personal and business travel allowances. This directive has caused Zenith Bank to update its sale of foreign exchange to customers.
In a newsletter sent by electronic mail to customers, Zenith Bank stated that unutilised PTA or BTA was to be returned to the bank within two weeks. It also stated that only $4,000 and $5,000 could be processed for an individual within a quarter (three months).
The guidelines also stated that the destination must be outside West African countries before forex would be released and it could only be processed not more than 14 days before the departure date. It also warned against false and third-party applications.