Regulatory Alerts2024-02-14 | TED/FEM/PUB/FPC/001/006Allowable Channels for Payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA)
The Central Bank of Nigeria has instructed all authorized dealer banks to only pay out Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) through electronic channels, including debit or credit cards, in order to ensure transparency and stability in the foreign exchange market and prevent malpractices. This means that cash payments for PTA/BTA are no longer allowed. Authorized dealers and the general public are expected to comply with this directive.
09-61637800 CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT 09-61637804 TRADE AND EXCHANGE DEPARTMENT E-mail address: ted@cbn.gov.ng TED/FEM/PUB/FPC/001/006 February 14, 2024 TO: ALL AUTHORISED DEALER BANKS ALLOWABLE CHANNELS FOR PAYOUT OF PERSONAL TRAVEL ALLOWANCE (PTA) AND BUSINESS TRAVEL ALLOWANCE (BTA) 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 Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.
For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted.
Authorized Dealers and the general public are hereby to note and comply accordingly.
DR HASSAN MAHMUD DIRECTOR, TRADE AND EXCHANGE DEPARTME