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Forex Crisis: CBN Bans Use Of Cash As PTA, BTA For Foreign Trips

Published

10 months ago

Feb 16, 2024.

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced the prohibition of cash transactions for Personal Travel Allowance (PTA) and Basic Travel Allowance (BTA). Effective immediately, PTA and BTA disbursements will be exclusively processed through electronic channels.

This directive from the CBN aims to enhance transparency and stability within the foreign exchange market while addressing the nation’s foreign exchange challenges.

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This development was made known in a circular dated February 14, 2024, which was signed by the CBN Director of Trade and Exchange Department, Hassan Mahmud.

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

Unmask, Prosecute those Behind FX Racketeering, Experts Urge CBN - Tech | Business | Economy “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.”