2017-02-21 | FPR/DIR/GEN/CRM/06/012

Circular to all Banks on Regulatory Guidelines for the Redesigned Credit Risk Management System (CRMS) for Commercial, Merchant and Non-Interest Banks in Nigeria,

The Central Bank of Nigeria (CBN) has introduced new measures for the operationalisation of foreign exchange policies regarding Personal Travel Allowance (PTA) and school fees. Banks will sell foreign currency every Tuesday for PTA and school fees to banks classified as merchant, small, medium, and big banks. There are specific conditions that apply for both PTA and school fees sales, such as the age limit of applicants, passport requirements, and limits on amounts purchased. All banks must submit a daily report to CBN detailing their sale of foreign exchange. Non-compliance will result in sanctions. This circular supersedes an earlier one.

Nigeria

Central Bank of Nigeria

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