The Central Bank of Nigeria (CBN) has taken decisive steps to address the foreign exchange crisis gripping the nation, announcing that Personal and Basic Travel Allowances (PTA/BTA) will now be disbursed exclusively through electronic channels.
Hassan Mahmud, Director of the Trade and Exchange Department at the CBN, issued a circular dated February 14, 2024, outlining the new directive.
Titled ‘Allowable Channels For Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’, the circular underscores the bank’s commitment to transparency and stability in the forex market.
The circular referenced existing regulations in the Foreign Exchange Manual and previous directives, emphasizing the eligibility criteria for accessing PTA and BTA.
“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorised Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards,” the circular stated.
All authorized dealers and the general public have been instructed to adhere strictly to the new guidelines.
