The Central Bank of Nigeria, along with the banking committee, have started to digitize dollar sales for legitimate needs by creating an app.
These legitimate needs include business travel reimbursement (BTA), personal travel reimbursement (PTA), school fees and medical care.
This was the outcome of the 357th meeting of the banking commission held virtually on Thursday.
The committee discussed the state of the economy, foreign exchange policy (FX) and the cessation of forex sales to the Bureaux De Change Operators.
It also discussed the ongoing rehabilitation of the National Arts Theater aimed at repositioning Nigeria on the global tourism map.
“I hope many of you will see that the new foreign exchange policy regarding Invisibility, Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), Tuition and Medical Payments is working very well,” said Mr. Segun Agbaje, Group Director of Guarantee Trust Bank .
“We’ve taken it upon ourselves with the regulator to make sure this works, and this is just the first phase and once you’ve noticed most of the things you’re doing today, you go into the branches to do most of the stuff. to do.
“But we are also going to try to digitize this whole thing as it is happening in the world; and that is done by Nigeria Inter-Bank Settlement System Plc (NIBSS), where you can buy online,” said Agbaje.
According to him, the NIBSS already has a portal with which banks share information about the application process.
Agbaje warned fraudulent individuals to change their mind, as anyone caught would be unable to do anything in the banking system.
He went on to say that the punishment would not only be imposed on fraudulent individuals, but also on any bank and staff who violated the rules of the top bank.
In addition to digitization, Agbaje expressed the hope that customers would no longer do all their transactions in cash.
“Today’s world is not kind to arrive in countries with cash, so we hope people can put this on their cards and card bill.
“If you use a card there is more KYC that can be done easily! It will be faster, cheaper and faster, you will be less hassled when you arrive in countries and you will not have to fill out a money declaration form,” he said.