The Central Bank of Nigeria has banned the sale of forex directly to travellers in cash. Electronic cards are to be used henceforth for BTA/PTA.
The bank on Wednesday announced that cash payment for Personal and Business Travel allowances (PTA/BTA) would no longer be allowed.
The directive was conveyed in a circular addressed to all authorised banks, signed by Hassan Mahmud, the Director of the Trade and Exchange Department.
To promote transparency and accountability in the forex market, the CBN directed all banks to process the allowances through electronic channels.
“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,” the circular read in parts.
The CBN urged all authorised dealers and the public to adhere to this directive promptly to facilitate a seamless transition to electronic payouts.
