Banks Not Obeying New Directives Of Forex For Students

It seems FCMB has not yet obeyed the new Forex policy directives issued by the Federal Government recently.

A blog reader shared her experience with SDK blog ... Below is what was posted:

Dear Stella,

I would like to draw your attention to some banks using extreme exchange rate for form A transfer for students abroad despite new directive from the federal Government.

The exchange rate that was used for us for the payment of tuition fees last week was between 475 and 495 in Naira to a pound by standard chartered bank and Fcmb.

This is against the 390 naira at central bank rate.

I am hoping you could use your channel and influence to review this unfair extortion by Nigerian banks

Best regards
BLOG VISITOR