Banks text customers on dollars purchase

Adebayo Obajemu

Following recent announcement by the Central Bank indicaing its readiness to provide forex for investors who wish to repatriate funds from the country, many deposit banks have started sending text messages to their customers about the availability of forex for personal travels.

Checks by Business Hallmark show deposit banks informing their customers that they are now in position to buy forex.

A text from one of the deposit banks read,  “Dear Client, purchase USD for eligible invisibles (Tuition fees, Upkeep, Medical Payments, Travel Allowances, etc) and SME transactions at our branches.”

Yet another monitored by this newspaper read, “Back in Business? Getting Ready for Back to School? No Need To Worry About FX.”

Many who spoke to this newspaper confirmed receiving these messages.

CBN recently said that it was to make available forex to investors wishing to repatriate funds from the country despite the drop in oil prices and its effect on forex supply.

According to CBN, “Foreign Exchange available would be devoted to strategic importation or service obligations that are priority.”

Findings by Business Hallmark show that banks are ready to make available forex but currently to students, parents, and guardians looking to pay school fees.