CBN Reminds Nigerians That PTA/BTA Purchases Can Still Be Made Through Banks

The Central Bank of Nigeria (CBN) has reminded Nigerians that they can still purchase foreign exchange (forex) for Personal Travel Allowance (PTA) or Business Travel Allowance (BTA) through commercial banks.

This announcement came in a recent circular, clarifying that forex purchases for travel purposes remain possible despite the new foreign exchange guidelines introduced by the CBN.

The CBN explained that customers looking to buy PTA/BTA should approach their banks, with transactions to be carried out at the market-determined exchange rate. This rate is the official rate for forex transactions in the Nigerian Foreign Exchange Market (NFEM) and can vary slightly depending on the time the transaction occurs.

While most Nigerians may not be aware that PTA/BTA purchases are still available through commercial banks, there has been an ongoing trend of people preferring to buy from the parallel market. This preference is due to the ease of accessing forex in the parallel market, which does not require documentation.

In addition to this, the CBN has recently allowed Bureau de Change (BDC) operators to buy up to $25,000 per week from the NFEM to meet seasonal forex demand, especially during the holiday period. This temporary policy, effective from December 19, 2024, to January 30, 2025, permits BDCs to purchase forex from a single authorized dealer, provided their accounts are fully funded.

This move by the CBN aims to ensure that Nigerians can access foreign exchange for travel and other legitimate purposes while also managing the forex market more effectively.

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