Following the recent directive by the Central Bank of Nigeria on the sales of forex, Nigerians can now walk majestically into any branches of Nigerian banks to buy foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
In this guide, we’ll tell you the requirements to purchase US dollars, Euro, and Pound Sterling for your immediate travel needs.
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 CBN governor Godwin Emefiele on July 27, 2021, 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 Emefiele’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.
What are PTA and BTA In Relation To Forex?
If you’re just coming across this information, Personal Travel Allowance or PTA and Business Travel Allowance or BTA are the foreign currency the CBN allows Nigerians to buy at bank branches to meet their legitimate personal and business needs.
- Business Men & Women
- Frequent Travelers
Exchange rate for PTA and BTA in Nigeria
The exchange rate at the time of this guide is between N411/USD to N414/USD. Banks are not allowed by CBN to hoard or inflate the price for PTA and BTA purchases.
- USD: N414/$
- EUR: N468
- GBP: N554/£
NOTE: You can check the daily update of PTA Exchange rate in our dedicated guide
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.
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 mention 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
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.