Regulatory Alerts2009-06-16 | TED-FEM-FPC-GEN-01-101-09Joint Purchase of Business Travel Allowance (BTA) and Personal Travel Allowance (PTA).
The Central Bank of Nigeria has issued a circular stating that effective immediately, travelers on business trips who are entitled to BTA (Business Travel Allowance) can no longer purchase PTA (Personal Travel Allowance) while on the same trip, and vice versa. This replaces an earlier provision from September 14, 2007, and non-compliance may result in appropriate sanctions. The new ruling has been enacted to address legitimate foreign exchange demand within the market.
Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja
Tel: 09 462 37 811 May 23, 2007 Fax: 09 462 37 809 E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/101 June 16, 2009 TO: All AUTHORISED DEALERS, CLASS 'A' BUREAU DE CHANGE OPERATORS AND GENERAL PUBLIC JOINT PURCHASE OF BUSINESS TRAVEL ALLOWANCE (BTA) AND PERSONAL TRAVEL ALLOWANCE (PTA) In the continued effort to meet legitimate foreign exchange demand in the market, Authorised Dealers, Class 'A' Bureau de charge operators and the general public are hereby informed that with effect from the date of this circular, travelers on business trip who are entitled to BTA can no longer buy PTA while on the same trip and vice versa. Consequently, this circular supersedes the provisions of paragraph (ii) of the circular ref. No. TED/FEM/FPC/GEN/01/112 dated September 14, 2007. Please ensure compliance failing which appropriate sanctions shall apply.
Batari Musa Ag. Director Trade & Exchange Department