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Forex: Nigerians Can Only Access Travel Allowance Of $20,000 Yearly

Ololade Omosan-Agie

Nigerians travelling abroad will only have access to a maximum forex of $4,000 or $5,000 every quarter and not more than $20,000 yearly, according to a directive of the Central Bank of Nigeria to Deposit Money Banks.

An email from Zenith Bank confirms that Personal Travel Allowance and Business Travel Allowances will not exceed $4,000 and $5,000 respectively for every quarter.

This is coming after the CBN Governor, Godwin Emefiele, banned Bureau De Change operators from its weekly dollar intervention during a press briefing after the Monetary Policy Meeting of the bank in July.

The CBN said it will channel the sale of foreign exchange to banks henceforth, adding that all banks should create a teller point for sale and disbursement of forex to their customers.

“You can only apply for PTA/BTA once in a quarter: PTA and BTA requests are limited to a maximum of $4,000 and $5,000 per quarter per applicant respectively,” a message from Zenith Bank Plc to customers read.

The DMB said the decision was based on the CBN policy to improve access to foreign exchange for legitimate transactions.

“Customers are required to return purchased PTA and BTA to their banks within two (2) weeks from the date of purchase if not utilized for the intended purpose or if for any reason the scheduled trip is cancelled,” it added.

Also, the bank warned against applying for forex on behalf of a third party, adding that only Nigerians who are 18-years and above and have their Bank Verification Numbers will receive forex for travels.

“False application and use of fake documents to purchase PTA/BTA is strictly prohibited and is a financial crime punishable under application applicable laws in Nigeria,” said Zenith.

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