Amid the country’s foreign exchange crisis, the Central Bank of Nigeria (CBN) has declared that Personal and Basic Travel Allowances would henceforth only be paid electronically, not in cash.
Hassan Mahmud, the Director of the top bank’s Trade and Exchange Department, issued the instruction in a circular dated February 14, 2024. All authorized dealers and the general public should take note and comply properly.
The circular headed ‘Allowable Channels For Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’ read;
“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).
“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.”
