A top Nigerian financial institution, Sterling Bank, has introduced a processing fee for all Form A requests, according to a letter sent via email to its customers, as seen by The Guardian.
The form allows customers to purchase funds at the CBN or interbank rate to make payments for eligible services as predetermined by the Foreign Exchange Manual.
The bank disclosed that a new processing fee of ₦3,000 has been added on top of the existing ₦5,000 Central Bank of Nigeria (CBN) charge for Form A requests.
It added that the fee is effective immediately.
The fee is purportedly to “enable us to effectively manage your service transactions and provide a more seamless experience for you,” Sterling Bank stated.
“At Sterling Bank, we value your continuous patronage and trust in our services. Serving you is our utmost priority, which is why we must inform you that we will be introducing a processing fee to all Form A requests. This charge is separate from the existing ₦5,000 charge which is due to the Central Bank of Nigeria,” the letter reads.
“Effective today, you will be required to pay a processing fee of ₦3,000, applicable to all Form A requests. This is to enable us to effectively manage your service transactions and provide a more seamless experience for you.
“Your satisfaction means the world to us, and we assure you that every step is taken with your best interest in mind.”
