GTBank stops sale of forex to travellers
The Guarantee Trust Bank (GTbank) Plc has stopped the sales of Business Travelling Allowance and Personal Travelling Allowance to its customers.
However, other banks were still selling to their customers.
GTbank management had on August 29, 2015, directed all its branches to stop the sales of the BTA and PTA to customers.
When our correspondent visited the bank’s branch in Jabi, Abuja, for inquiry on the matter, the customer service representative said that the development was sequel to an order for a stay of action from the bank’s headquarters in Lagos.
The “the directive is from the management in Lagos,” he stressed.
“Perhaps it has to do with the volatility in the naira against the dollar. I also think the bank has some forex issues. But I am sure, the measure is temporary and it would be opened soon again. However, if you want to pay for bills abroad, like goods, medical bills, school fees and so on, and you have the invoice, we can meet those demands but we can’t give you dollars in cash. The options available are to use your domiciliary account or use your naira debit card within the $300 daily limit when you are abroad.”
The bank’s spokesperson, Lola Odedina, has confirmed the development.
Odedina, speaking through her colleague, Meksley, who described the situation as the bank’s internal operational arrangement, added that the development was necessitated by the dwindling forex reserves of the bank.
Odedina said that the stoppage of dollar cash deposits has affected the dollar reserve situation of the bank.
The GTbank had only recently resumed the sale of BTA and PTA.
The bank, in a statement it issued in early August 2015, said: “This is to inform you that we will commence the sale of Personal and Business Travel Allowance (PTA & BTA) from Monday, 10th August 2015 at select branches across the country. This means that all intending travellers could purchase foreign currency at designated GTBank branches up to a quarterly limit of $5,000 and $4,000 (for BTA and PTA respectively) or its equivalent in GBP and EURO.”
The conditions for accessing BTA/PTA include: valid visa and return ticket, valid international passport, among others.
The CBN had last month announced that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles”, will be met by the banks.
“All those shall be fully met at the official/interbank exchange rate,” the CBN said in a statement signed by Ibrahim Mu’azu, the director, corporate communications.
“Already all the legitimate demand for such transactions through recognized channels have so far been fully met by CBN. The CBN hereby directs all authorized dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.”
Some GTbank customers were not happy with the development, accusing the bank of not attending to their BTA, PTA request.
A customer who preferred to be named as Mr Mohammed, said even before the recent forex scarcity, “whenever you approach GTbank for forex they will ask you to use your Naira Master Card. Just recently, I traveled to Abu Dhabi and I can’t pay my bills with the same card they issued me.”
Mr Emeka John, a customer of the bank, said: “Though I had never approached the bank for BTA or PTA, they should always try to meet any legitimate demand from its customers as at when due.