The Central Bank of Nigeria says the allowable channels for payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) shall henceforth be through electronic channels only.
The apex bank made this known via a Press statement signed by the Director, Trade And Exchange Department, Dr Hassan Mahmud, and posted on its verified X [formerly Twitter] handle @cenbank on Friday [today].
The Press release states:
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 authorized dealer banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.
For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted.
Authorized dealers and the general public are hereby to note and comply accordingly.
This is in a bid to promote transparency and stability in the foreign exchange market while preventing malpractices, authorities said.
