Regulatory Alerts2009-06-16 | TED-FEM-FPC-GEN-01-101-09Added · Updated
Joint 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.
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