By Chinwendu ObienyiFollowing the lingering forex scarcity in the country, some Nigerian banks have informed their customers that they would only be a
By Chinwendu Obienyi
Following the lingering forex scarcity in the country, some Nigerian banks have informed their customers that they would only be able to access Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) once in two quarters.
This was even as the banks disclosed via an email seen by Daily Sun that it would start disbursing authorized PTA and BTA FX requests through their Travel Card.
Before this new development, the banks had been granting approval to travellers who applied once every quarter. However, Daily Sun observed that many applicants are facing difficultly in accessing PTA.
The situation according to analysts is exacerbated by the massive disparity in official and black market values, which has grown to a large extent as the parallel market exchange rate is currently N710/$.
The Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) are ways for Nigerians to benefit from the official exchange rate, which trades in the N435/$ range.
First Bank of Nigeria, in an email titled; “Updates on FX Purchase”, said that the PTA and BTA applications will be in line with regulatory requirements.
The email said; The Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) ($4,000 and $5,000) respectively will now be disbursed into your FirstBank Travel Card.
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