BREAKING NEWS: Nigerian banks announce fresh requirement for consumers seeking forex

USD supply surges by 38.9% as Naira maintains massive gains at forex market

banks announce fresh requirement for consumers seeking


Nigerian banks said of a recent three-year tax clearance certificate is now a prerequisite for banks' consumers seeking foreign exchange.

Standard Chartered 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, .

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

This requirement applies to new and existing Form A applications processed on the 's trade monitoring system, TRMS.

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

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