Nigeria banks cut PTA, BTA, etc over dollar supply issues
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.
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“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.
“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.”
