CBN stops dollar payments for personal, business travel allowances
The Central Bank of Nigeria on Wednesday announced that cash payment for Personal and Business Travel allowances (PTA/BTA) would no longer be allowed.
The directive was conveyed in a circular addressed to all authorised banks, signed by Hassan Mahmud, the Director of the Trade and Exchange Department.
To promote transparency and accountability in the forex market, the CBN directed all banks to process the allowances through electronic channels.
“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).
READ ALSO: CBN fails to account for $4.5bn in Foreign Reserves — Audit Report
“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,” the circular read in parts.
The CBN urged all authorised dealers and the public to adhere to this directive promptly to facilitate a seamless transition to electronic payouts.
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The Central Bank of Nigeria on Wednesday announced that cash payment for Personal and Business Travel allowances (PTA/BTA) would no longer be allowed.
The directive was conveyed in a circular addressed to all authorised banks, signed by Hassan Mahmud, the Director of the Trade and Exchange Department.
To promote transparency and accountability in the forex market, the CBN directed all banks to process the allowances through electronic channels.
“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).
READ ALSO: CBN fails to account for $4.5bn in Foreign Reserves — Audit Report
“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,” the circular read in parts.
The CBN urged all authorised dealers and the public to adhere to this directive promptly to facilitate a seamless transition to electronic payouts.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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