Regulatory Alerts2017-02-21 | FMD-DIR-CIR-GEN-08-003Guideline on The Operationalization of The New Policy on PTA and School Fees
The Central Bank of Nigeria (CBN) has introduced new measures to increase foreign exchange availability in the Nigerian market and ease difficulties for citizens obtaining funds for certain transactions. This includes weekly sales of foreign exchange on different classifications of banks, specifically for Personal Travel Allowance (PTA) and School fees. PTA is limited to trips of at least 5 hours and can be used within a quarter for $4,000 or less per purchase. For school fees, an application limit is set at $15,000 or its equivalent per term/semester. Banks are required to submit daily returns on sales of foreign exchange for PTA and School fees to CBN by 4 p.m. daily in both digital and hard copy formats, with non-compliance leading to potential sanctions.