I visited two banks today where I run business and personal accounts. I am scheduled to travel March 20th. Of course the first thing is to inquire yheir rates for the new PTA regime. The two banks told me I am not eligible for PTA till its 14 days to my trip. I was also told by the two banks that the highest I could access was 4000 USD.

That harmony in in response to expressly communicated CBN rule I found very interesting.

I letter discovered that the rates were arbitrarily fixed by banks. Both of them almost 400 naira to the dollar. The rates from the two banks were 10 naira apart.

Is it possible that CBN factor in bank charges and service charge and arrive at a uniform rate for all banks. Also compelling these banks to conspicuously display the rates.

They must not stop there. There has to be a hot line where Nigerians can report any form of racketeering or high handedness on the part of banks. All over Europe, if you enter money changers place or BDCs. Rates are displayed. Nobody is short changing you. What you see is what you get. No time for negotiation.

If all banks get Dollars from CBN on a fixed rate, why allow them determine sell rate to their customers independently. As it stands, I know the bank I will be approaching for my 4k when my trip approaches.


State why you are for or against.

Nigerian matter is too heavy to carry.