The Central Bank of Nigeria (CBN) has announced that Personal and Basic Travel Allowances would only be paid electronically, not in cash, as part of an effort to address the nation’s foreign exchange crisis.
This was disclosed in a circular dated February 14, 2024, by Hassan Mahmud, the Director of Trade and Exchange Department of the apex bank.
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ADULAWO News reports that the circular titled, ‘Allowable Channels for Payout of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’.
The circular partly reads, “Memorandum 8 of the Foreign Exchange manual and the circular with reference FMD/DIR/CIR/GEN/08/003 dated February 20, 2017, stipulate the eligibility criteria for accessing Personal and Business Travel allowances (PTA/BTA).
“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorised Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only including debit or credit cards.”
The CBN directed all authorised dealers and the general public to note and comply accordingly.