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Travelex to open more forex outlets in Nigeria

By on September 25, 2015

Travelex, the world’s leading foreign exchange specialist, says it will soon open more foreign exchange outlets in Nigeria.

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 approval for the company to undertake direct sales of the United States dollar to qualified individual foreign currency users at the CBN’s current rate.

Transactions to be covered under the arrangement include mostly the government-approved Personal Travel Allowance and Business Travel Allowance, respectively.

The Travelex initiative is part of the CBN’s strategy to avail Nigerians travelling abroad for personal leisure or business purposes of foreign exchange 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.

The General Manager, Travelex Nigeria, Mr. Anthony Enwereji, said the company was eager to support the ongoing CBN forex policy and the Nigerian economic system to ease the current challenges in the nation’s foreign exchange market.

He added, “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 Personal Travel Allowance, they will need to present their valid— international passports, tickets and visa, while for those who need Business Travel Allowance, they will need to present; in addition to the PTA requirements— certificate of incorporation of their company and letter of request, and Travelex will sell them foreign exchange at the CBN’s current rate”

Enwereji said the new business move was in line with Travelex’s commitment to increase its investment in Nigeria and generate more job opportunities for more Nigerians across the country.

He added “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.

The company has over 20,000 business locations and outlets including all major airports and seaports in the world with over 1,250 Automated Teller Machines.

The company provides foreign exchange services to its partners worldwide including banks, supermarkets and travel agencies.