Politics

Central Bank Of Nigeria (CBN) Bans Cash Payments For Travel Allowances

Published February 16, 2024 at 7:29 AM

By James Smith

Central Bank Of Nigeria (CBN) Bans Cash Payments For Travel Allowances

In response to the ongoing foreign exchange challenges in the country, the Central Bank of Nigeria (CBN) has declared a significant shift in the disbursement of Personal and Basic Travel Allowances, stating that payments will now exclusively be conducted through electronic channels rather than in cash………CONTINUE READING

The directive was issued by Hassan Mahmud, the Director of the Trade and Exchange Department at the apex bank, through a circular dated February 14, 2024. The notice emphasizes that all authorized dealers and the general public must take note of this update and adhere to the new regulations.

The circular, titled ‘Allowable Channels For Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA),’ cites Memorandum 8 of the Foreign Exchange manual and a previous circular dated February 20, 2017, which outline the eligibility criteria for accessing Personal and Business Travel allowances (PTA/BTA).

With a commitment to ensuring transparency and stability in the foreign exchange market while preventing malpractices, the CBN directive mandates that all Authorized Dealer Banks will exclusively facilitate the payout of PTA/BTA through electronic channels, including debit or credit cards. This move is designed to align with the bank’s objectives and promote a more secure and efficient disbursement process.

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Source: Bushradiogist