The Central Bank of Nigeria (CBN) announces a new directive to address the foreign exchange crisis, stating that Personal and Basic Travel Allowances will now be disbursed exclusively through electronic channels.
Hassan Mahmud, Director of the Trade and Exchange Department at the apex bank, disclosed this information in a circular dated February 14, 2024.
The circular, titled ‘Allowable Channels For Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’, emphasizes the eligibility criteria outlined in Memorandum 8 of the Foreign Exchange manual and a previous circular dated February 20, 2017.
According to the circular, the move aims to promote transparency, stability, and curb foreign exchange malpractices in the market.
All Authorized Dealer Banks are directed to comply with the new directive, ensuring that payouts for PTA/BTA are conducted solely through electronic channels, including debit or credit cards.
The CBN urges both authorized dealers and the general public to take note and adhere to the directive accordingly.
