Last updated on February 12th, 2024 at 08:07 am
Following the recent directive by the Central Bank of Nigeria on the sales of forex, Nigerians can now walk into any branches of Nigerian banks to buy foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
- Business Men & Women
- Foreign students who want to further their studies in foreign institutions
- Frequent Travelers
Requirements for Personal Travel Allowance
1) You must be eighteen years old and above
2) You can be an account holder or non-account holder if you are buying from Zenith Bank.
Note: You must be an account holder of some banks. So, do your due diligence or walk straight to the FX desk to inquire.
3) You must have a verifiable Bank Verification Number (BVN)
4) You must be a holder of a valid Nigerian International Passport
5) You must have a valid visa of the country of destination. Traveling to Canada? You must possess a Canadian visa
6) Applicants must have a copy of the biodata page of their international passport submitted for processing of the request.
7) You have a return air ticket.
8) PTA forex purchase shall only apply to journeys of five hours and above flight time
9) Your flight must originate from Nigeria.
10) You can only apply for PTA once in three months
11) You will only be able to buy PTA if your travel will be undertaken not more than 14 days from the day of the purchase of PTA. This is to curb the issues of some individuals who might want to buy and hoard forex.
12) You provide a travel ticket
13) Above all, you shall only be entitled to apply for $4,000 per quarter, but that has been reduced to $2,000 according to the latest FX update from the CBN.
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, Guidelines For Purchase of FX says.
Requirements for Business Travel Allowance (BTA)
- Applicant must meet the requirements mentioned in PTA above
- You must be nominated by a company in Nigeria
- Evidence of business registration in Nigeria (Certificate of Incorporation)
- Letter of invitation from the company abroad.
- A company can buy up to 5,000 US Dollars per quarter
How to buy BTA
- Walk into any bank
- Go to Foreign Exchange Teller Points
- Present all the eligibility requirements mentioned above for your needs
- Complete an application form
- Make naira payment of the fx equivalent you need
- That’s all
For business owners who major in importation products, our guide on the requirements for forms M and Q is available at: https://infomediang.com/form-m-form-q-for-importation-business
Recalled that on July 27, 2021, the CBN announced he stopped the sales of forex to Bureau De Change operators because of their questionable activities in the forex market.
The CBN now has a digital platform called Trade Monitoring System where you can submit application for forms A: PTA, BTA, Education Fee, Medical Fee, NCX, NXP.
Subsequently, the apex bank mandated all commercial institutions to establish forthwith Foreign Exchange Teller Points at all branches where Nigerians who need dollars and other currencies for eligible foreign exchange needs can buy without any delay.
Compliance of Banks Regarding PTA and BTA
Two days after the CBN’s directive, banks in Nigeria started complying by sending messages or emails to their customers who might want to buy foreign exchange for PTA and BTA.
Some of the banks that have shown compliance to the new CBN policy on the purchase of dollars include GTCO (formerly Guaranty Trust Bank), Zenith Bank, among others.
In an update message seen by InfomediaNG team, GTCO email is entitled, “We Have Set Up Foreign Exchange Teller Points For You”
The bank says:
“We will treat your foreign exchange requests instantly. This means that you will get your FX the same day in cash and in the case of school fees and medical bills payment, to the stipulated beneficiary offshore. Please note that this is subject to you providing all the required documentation for these transactions.”
“Kindly walk into any of our branches nationwide to buy your Personal Travel Allowance, Business Travel Allowance,…” the message reads.
The exchange rate varies slightly, but you can check the daily update of PTA Exchange rate in our dedicated guide
The setting up of Foreign Exchange Teller Points by Nigerian banks will ease the pressure on those who legitimately need forex for their businesses or personal needs abroad
We hope that banks abide by CBN’s directive and treat personal travel allowance and BTA requests instantly as stipulated by the apex bank.