Regulatory Alerts2018-02-12 | TED/FEM/FPC/GEN/01/001Charges on The Sale of Foreign Exchange for Invisible Transactions(BTA,PTA,School Fees and Medicals)
The Central Bank of Nigeria has informed all authorized dealers and the general public that commissions on retail foreign exchange transactions such as Business Travel Allowance, Personal Travel Allowance, medical, and school fees have been abolished. All authorized dealers are advised to comply immediately with this directive from the Trade and Exchange Department. This announcement was made by the Director, W.D. Gotring, on February 12, 2018.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 462 37804 09 462 37802 E-mail: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/001 February 12, 2018 TO: ALL AUTHORISED DEALERS AND THE GENERAL PUBLIC CHARGES ON THE SALE OF FOREIGN EXCHANGE FOR INVISIBLE TRANSACTIONS (BTA, PTA, SCHOOL FEES AND MEDICAL) All Authorised Dealers are hereby informed that the charging of commissions on retail foreign exchange transactions such as Business Travel Allowance (BTA), Personal Travel Allowance (PTA), Medical and School Fees have been abolished.
Consequently, all Authorised Dealers are advised to note for immediate compliance.
W. D. Gotring Director Trade and Exchange Department