If you need some dollars to pay school fees abroad, pay medical bills or for spending when you travel, banks will no longer charge you extra fees in form of commission when you buy from them.

This is because members of the Bankers’ Committee have agreed that banks should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills payment.

The Bankers’ Committee comprises the CBN governor, the chief executive officers of all commercial banks and merchant banks in the country, and the CEOs of other key agencies and organisations in the financial services industry.

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The Managing Director, FSDH Merchant Bank, Hamda Ambah, made the announcement in Lagos on Tuesday at a press conference held after the committee’s meeting.

As a result, Ambah said no bank was allowed to charge commission on forex purchased for the purposes stated above.

She said that, “the Bankers’ Committee took a palliative measure that would be beneficial to individual customers. Therefore, all banks will charge 360-naira per dollar without charging commission.

“The CBN has asked customers to report any bank that charges commission on them.”

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