FOREX Crisis: CBN Nigeria Bans Payment Of BTA/PTA In Cash

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exBanker
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#1

 

As contained in recent circular TED/FEM/PUB/FPC/001/006 dated February 14, 2024, the CBN has discontinued the Payment of BTA/PTA (Business or Personal Travel Allowances) in cash by banks or other qualified issuing organisations. Alternatively, electronic changes and cards are to be utilized.

It reads, in part:

TO: ALL AUTHORIZED DEALER BANKS

SUBJECT: ALLOWABLE CHANNELS FOR PAYOUT OF PERSONAL TRAVEL ALLOWANCE (PTA) AND BUSINESS TRAVEL ALLOWANCE (BTA)


"... 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 payments of PTA/BTA through electronic channels only, including debit or credit cards.

For the avoidance of doubt, payment of PTA/BTA in cash is no longer allowed.

Authorised Dealers and the general public are hereby to note and comply accordingly."


Here's the electronic copy of the circular.
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Therefore, henceforth, you cannot get PTA or BTA in cash from banks, except through electronic channels like domiciliary accounts and cards.

What's your take on this?
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#2

 

This is a very bold move. Hope they wont reverse it soon. Kudos CBN :thumbup!

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YoungA
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#3

 

May this move yield positive results for the country at large.

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Jared
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#4

 

YoungA wrote: February 16th, 2024, 10:33 am May this move yield positive results for the country at large.
It's something but it's not enough. To curtail the forex crisis, we mist shift from import-dependence to export-dependence. That is the elixir.
Financial Literacy is the possession of skills, knowledge and behaviors that allow an individual to make informed decisions regarding money. 💰

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