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10 Key Requirements To Buy Forex For Foreign Medical Bills in Nigeria

Last Updated on December 29, 2021 by Ope Quadri

Making a purchase of forex for Foreign Medical Bills available is one of the services the CBN provides through Form A. The form enables Nigerians to buy dollars, euros, or Pounds among others for applicants to attend to their healthcare needs in a hospital outside the shore of Nigeria.

Form A is one of the efforts by the Central Bank of Nigeria to make sure that Nigerians who have financial strength can easily access foreign exchange hassle-free to foot healthcare abroad just as we pointed out in one of our guides on how to purchase dollars for PTA and BTA in Nigeria, the details are available at: https://infomediang.com/forex-for-personal-travel-allowance-bta

The irony of Medical Tourism In Nigeria and U.S.A

Our checks show that the political elites seek foreign medical treatment. Interestingly, data show that some residents in the United States of America prefer to travel to another country for medical treatment because the cost of healthcare in the U.S is higher than it is in a foreign country.

The US International Trade Commission (USITC), in a 2015  report quoted by insider.com stated that between 150,000 and 320,000 Americans travel abroad each year to receive healthcare. According to them, they save more.

While the Americans’ reason for medicals abroad is to save cost, Nigerians including the President, state governors, senators, and other political heavyweights and elites travel to the United Kingdom, the U.S, Germany, India, Italy, UAE, and Canada among others for medical tourism because of the dilapidated hospitals in Nigeria.

 Nigerians Spend $1.2 billion on Medical Tourism in 2016

March 2021 Guardian.ng report which quoted the National Association of Resident Doctors (NARD), stated that about N576 billion ($1.2 billion) is spent on medical tourism per year in Nigeria.

Another report by Price Waterhouse Coopers in 2016 revealed that wealthy Nigerians spend $1 billion annually on medical tourism.

They travel abroad for key four specialties like oncology, orthopedics, nephrology and cardiology.

Number of Nigerians Traveling Abroad for Medicals

The report further revealed that almost 5,000 Nigerians seek foreign medical attention before the coronavirus pandemic in 2020.

The above figure shows that medical tourism in Nigeria is a serious business, as such, the need to provide forex for those who have the financial capacity foot healthcare.

So, how can you go about it?

NOTE:

You can now apply for foreign medical fee on CBN’s digital platform called Trade Monitoring System You can also apply for PTA, BTA, Education Fee, fill Forms NCX and NXP right on the portal.

Eligibility requirements to purchase forex for foreign medical bills

1) You must fill Form A application form appropriately and correctly

2) You can only buy USD15,000 or its equivalent at a time or per quarter (once in three months)

3) You must possess a valid Nigerian International Passport

4) You must have a valid Visa and flight ticket

5) You must submit the biodata page of your passport at the Foreign Exchange Teller Points of your bank

6) Letter from Nigerian government-approved hospital (must government hospital)

7) Letter of recommendation from the host foreign hospital

8) You must be the account holder of the bank where applying for Form A medical bills

9) Enough funds in account number that will be debited

10) Finally, written instruction to the bank to debit your account

Final thought:

Finding the best medical centre abroad isn’t enough if you have an ailment that can’t be treated in Nigeria or which you feel you would get better attention in an overseas hospital.

Your preferred hospital has a way of conducting or obtaining a report of your condition and the cost of treating such a medical condition.

After getting the cost, you’re most times required to make a deposit into the hospital’s account before the appointed day. For instance, if your host hospital is in the United States, you will need to buy US dollars in Nigeria for your needs.

Ready to apply for forex for your foreign medical needs, talk to your bank.

References:

  • insider.com/medical-tourism-americans-save-money-healthcare-2018-6
  • guardian.ng/news/nigeria-loses-over-n576b-yearly-to-medical-tourism
  • pwc.com/ng/en/assets/pdf/restoring-trust-to-nigeria-healthcare-system.pdf

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