The Central Bank of Nigeria has announced that Personal and Basic Travel Allowances would only be paid electronically, not in cash, as part of an effort to address the country’s foreign exchange problem.
This was announced in a circular dated February 14, 2024, by Hassan Mahmud, the Director of Trade and Exchange Department of the top bank.
The policy is known as “Permitted Channels For Disbursement Of Business Travel Allowance (BTA) And Personal Travel Allowance (PTA)”
“Memorandum 8 of the Foreign Exchange manual and the circular with reference FMD/DIR/CIR/GEN/08/003 dated February 20, 2017, stipulate the eligibility criteria for accessing Personal and Business Travel allowances (PTA/BTA),” the circular stated in part.
“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 public as well as all authorized dealers were instructed by the CBN to take note of this and act appropriately.
