Forex: CBN limits cash payout for PTA/BTA at 25%

The Central Bank of Nigeria (CBN) has introduced a limit of 25 per cent  on  the amount of cash beneficiaries can receive when accessing their Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) from Bureau De Change (BDCs).

The CBN disclosed this in a document titled, Frequently Asked Questions on Current Reforms of the BDC sector.

The CBN said: “Travelers are allowed to purchase foreign currency in the form of Personal Travel Allowance (PTA) or Business Travel Allowance (BTA) only, up to $4000 or $5000 respectively, per quarter.

“Travelers going abroad can use a combination of prepaid cards and cash to receive their travel allowances. A beneficiary of BTA or PTA may receive up to 25 per cent of the foreign currency in cash, while at least 75 per cent shall be transferred to the customer’s prepaid card. Please note that all travelers shall provide all required documentation to receive their travel allowances.”

The apex bank also said that, “Nigerians travelling abroad for medical expenses can obtain foreign currency for such expenses not exceeding $5,000 at any BDC. This is possible upon submission of all required documents as stipulated in the Guidelines.

“However, where the medical expenses are above the permitted limit, the customer is advised to approach any commercial or non-interest bank for the balance of the medical expenses.”

Furthermore, the apex bank explained that, “Nigerians schooling abroad or their sponsors can obtain foreign currency from a BDC for payment of school fees to a foreign institution, subject to a maximum of $10,000 in any given year. This is subject to submission of the documents stipulated in the Guidelines.”