Forex crisis: CBN bans travel allowances by cash

To alleviate the country’s foreign exchange problem, the Central Bank of Nigeria (CBN) has stated that Personal and Basic Travel Allowances will be paid electronically rather than in cash.

This was revealed in a circular dated February 14, 2024, by Hassan Mahmud, the Director of Trade and Exchange Department of the apex bank.

The circular titled, ‘Allowable Channels for Payout of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’.

The circular partly read: “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).

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“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.

 

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