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Nigeria banks cut PTA, BTA, etc over dollar supply issues

The Good Naira Fight in Nigeria Against US Dollar, Euro and GBP - Tekedia

Nigerian banks are cutting many dollar-related services for customers, Premium Times reports: " Nigerian banks have announced a reduction in the amount of dollars available to customers for personal travel allowance (PTA) and business travel allowance (BTA) on a bi-annual basis. According to the new directive, PTA available to customers will now be slashed by 50 per cent from $4,000 to $2,000 while the BTA will be slashed by 60 per cent from $5,000 to $2,000."

A notice from First Bank, seen by PREMIUM TIMES Tuesday, attributed the new development to a “limited supply of FX.”

“At FirstBank, we value you and are committed to keeping you informed on changes regarding Foreign Currency (Form A) requests,” First Bank said in its disclosure.

“In view of the limited FX supply in the industry, kindly note the following: Payment of PTA/BTA is subject to a maximum of $2,000 and two quarters in a year, while funds will be disbursed within the week of the trip. Customers are encouraged to apply for PTA/BTA some weeks ahead of their trip.

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“Application for upkeep is subject to a maximum of $1,500 (or its equivalent in other currencies) per semester and limited to 2 semesters per session.”

The bank announced that the payment of school fees is subject to a maximum of $7,500 (or its equivalent in other currencies) per semester and is limited to 2 semesters per session.

“A minimum of 16 weeks is required for processing school fees and upkeep/maintenance, after the submission of documents along with the approved Form A at the branch,” it said.

“Application for Form A for school fees, student upkeep, and PTA/BTA, must be processed on the Central Bank of Nigeria’s Trade Monitoring System, TRMS, and must be in line with regulatory requirements.

“Requests will continue to be treated on a first come, first served basis, subject to availability of FX. Ensure that your account is sufficiently funded.”