Banks Announce Fresh Requirement For Customers Seeking Forex

Banks in Nigeria have said evidence of a recent three-year tax clearance certificate is now a prerequisite for banks’ customers seeking foreign exchange.

Gatekeepers News reports that Standard Chartered Bank disclosed this in a recent notification to customers.

Accordingly, the bank said customers applying for forex transactions through ‘Form A’ must now provide three years of TCC, effective April 1, 2024.

Other commercial banks, such as Fidelity Bank and Stanbic IBTC, have earlier released similar circulars for their customers.

This requirement applies to new and existing Form A applications processed on the Central Bank of Nigeria’s CBN trade monitoring system, TRMS.

It added that all submitted TCCs will be verified in collaboration with state tax issuing authorities before the approval of any application.