The Central Bank of Nigeria has implemented a new restriction on the amount of cash beneficiaries can receive when accessing their Personal Travel Allowance and Business Travel Allowance through Bureau De Change.

The new limit is capped at 25 per cent of the total allowance.

This information was officially revealed by the CBN in a document published on its website. The document is titled “Frequently Asked Questions on Current Reforms of the BDC sector,” which provides clarity on the recent policy changes.

The CBN reiterated the existing limits on the maximum amount travelers can purchase. The bank stated: “Travelers are allowed to purchase foreign currency in the form of Personal Travel Allowance or Business Travel Allowance only, up to $4000 or $5000 respectively, per quarter.”

The apex bank then outlined the new required combination of payment methods for accessing these allowances. The CBN clarified: “Travelers going abroad can use a combination of prepaid cards and cash to receive their travel allowances. A beneficiary of BTA or PTA may receive up to 25 per cent of the foreign currency in cash, while at least 75 per cent shall be transferred to the customer’s prepaid card. Please note that all travelers shall provide all required documentation to receive their travel allowances.”

The CBN also provided specific guidelines for Nigerians traveling abroad for medical treatments. The apex bank confirmed: “Nigerians travelling abroad for medical expenses can obtain foreign currency for such expenses not exceeding $5,000 at any BDC. This is possible upon submission of all required documents as stipulated in the Guidelines.”

The bank offered advice for customers whose medical expenses exceed the permissible limit from BDCs. The CBN stated: “However, where the medical expenses are above the permitted limit, the customer is advised to approach any commercial or non-interest bank for the balance of the medical expenses.”

In addition to travel and medical allowances, the apex bank addressed the provision of foreign currency for educational purposes. The CBN explained: “Nigerians schooling abroad or their sponsors can obtain foreign currency from a BDC for payment of school fees to a foreign institution, subject to a maximum of $10,000 in any given year. This is subject to submission of the documents stipulated in the Guidelines.”