The Depository Banks (DMBs) operating in the country are set to halt further cash disbursements of foreign currency for Personal Travel Allowances and Business Travel Allowances (PTA/BTA) to stabilize the value of the Naira.
Access Bank and First Bank of Nigeria said they would stop disbursing cash for purchases of PTA, BTA and other currencies.
These will now only be paid out via a dollar travel card.
Banks have made this known in notes emailed to their customers, although others have started making payments through travel cards only in a bid to reduce customer demand for cash and cash. checks that benefit from arbitration.
FirstBank, in a statement to its customers, said: “The full Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) of $4,000 and $5,000 respectively will now be paid. on your FirstBank travel card. All applications will comply with regulatory requirements. Please ensure that all PTA/BTA applications along with approved Form A are submitted to the branch exactly 14 days prior to your proposed travel date. Sales are limited to two quarters per year.
For tuition, he noted that a minimum of 30 days is required for processing, after submission of documents along with approved Form A to the branch, subject to a maximum of $15,000 per semester and limited two semesters per session.
For student maintenance, he said, “The maintenance request requires a minimum of 30 days for processing subject to a maximum of $3,000 (or its equivalent in other currencies) per semester, limited 2 semesters per session. Proof of tuition payment for the current session, if tuition was not paid by FirstBank, will also be required.
Access Bank, for its part, said: “We would like to inform you once again that we are disbursing authorized personal and business travel claims via our Access Travel debit card. The Access Travel Debit Card was created to allow you to transact seamlessly when traveling abroad.
He added that with this process, “customers can get instant issuance for PTA/BTA applications, easy access to international transactions via online, POS and ATM and the card is valid for three years and usable for Current and future PTAs/PTAs. BTA request during its validity.