Travelex to open more FX outlets in Nigeria

by | September 15, 2015 7:39 am



 

forexAmid the uncertainty that has prevailed in the Nigerian foreign exchange (FX) market, interest of investors in the market is still high, as Travelex is set to open more FX outlets across Nigeria.

Travelex, FX specialist, notes that the outlets are to be located in Lagos, Port Harcourt, Kano and Abuja in the first phase. This follows the Central Bank of Nigeria’s (CBN) approval for the firm to undertake direct sales of dollar to qualified FX users at CBN’s rate. Transactions to be covered under the arrangement include mostly government-approved Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), respectively.

The initiative is part of the CBN’s strategy to avail travellers for personal leisure or business purposes of FX at official rates. This measure is expected to assist in achieving convergence between the official exchange rate and what currently obtains in the parallel market.

Anthony Enwereji, general manager, Travelex Nigeria, said in Lagos that the company was eager to support the ongoing CBN FX policy and the Nigerian economic system to ease the current challenges in the nation’s FX market.

“The plan for these new offices is to ensure smooth foreign exchange services to various end users across the country. These new locations will serve as a pilot scheme while we plan to open more outlets across Nigeria.

“For those who need PTA, they will need to present their valid international passports, tickets and visa, while for those who need BTA will need to present – in addition to PTA requirements – certificate of incorporation of their company and letter of request, and Travelex will sell them FX at CBN’s current rate,” Enwereji said.

He expressed optimism that this new business move was in line with Travelex’s commitment to increase its investment in Nigeria and generate more jobs for Nigerians, saying, “our new offices and outlets will be manned by dedicated and qualified staff.”

Travelex trades in over 80 currencies and does business in over 100 countries, with over 20,000 business outlets including all major airports and seaports in the world with over 1,250 ATMs.