The apex bank made this known in a circular dated February 14, 2024, signed by the Director of Trade and Exchange Department, Dr. Hassan Mahmud and sent to all authorized dealer banks.
The Central Bank of Nigeria (CBN) has announced a ban on the payment of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) by cash.
The apex bank made this known in a circular dated February 14, 2024, signed by the Director of Trade and Exchange Department, Dr. Hassan Mahmud and sent to all authorized dealer banks.
The Director stated in the circular that 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).
He said, “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.
“For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted. Authorized Dealers and the general public are hereby to note and comply accordingly.”