• Tuesday, May 28, 2024
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CBN stops cash dollar for personal, business travel allowance

The Central Bank of Nigeria (CBN) on Thursday stopped the payment of Basic Travel Allowance (BTA) and Personal Travel Allowance (PTA) in cash dollar, effective immediately.

This in a bid to promote transparency and stability in the foreign exchange market while preventing malpractices.

Referencing memorandum 8 of the foreign exchange manual and circular FMD/DIR/CIR/GEN/08/003 dated February 20, 2017, the trade and exchange department of CBN outlined the eligibility criteria for accessing PTA/BTA.

Effective immediately, all Authorized Dealer Banks are mandated to process payouts of PTA/BTA exclusively through electronic channels, which include debit or credit cards.

The traditional method of cash disbursement for these allowances is no longer permissible, the circular stated.

The directive, signed by Hassan Mahmud, director of the trade and exchange department, underscores the CBN’s commitment to enhancing accountability and efficiency within the foreign exchange market.

Authorized dealers and the public are urged to adhere to these guidelines accordingly.

For further details and compliance, all stakeholders are encouraged to consult the official communication from the Central Bank of Nigeria.