CBN reacts to scarcity of PTA, BTA at Nigerian banks

By Chioma Obinagwam

Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has reacted to rumours of unavailability of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) at most Deposit Money Banks (DMBs) in the country.

Confiance News gathered from the official X handle of the CBN on Sunday.

It said:”CBN says PTA/BTA remain available at banks for personal & business travel needs. It insists that all legitimate FX transactions occur in the NFEM at market-determined rates.”

Confiance News learnt that PTA is a foreign exchange allowance granted to Nigerian citizens traveling abroad for personal reasons such as vacations, medical treatment, or education. It allows travelers to access foreign currency at the official CBN rates.

On the other hand, BTA is a foreign exchange allowance for corporate entities or their staff traveling abroad for business purposes. It enables businesses to obtain foreign currency at the official CBN rates for their travel needs

Both allowances are designed to help travelers access foreign currencies at more favourable rates compared to the black market.