Daily Update of PTA Exchange Rate in Nigeria

BTA-PTA Exchange Rate in Nigeria Today

Last Updated on January 15, 2022 by Ope Quadri

There are several questions revolving around the official exchange rate for PTA, BTA, Medical trips, and for students who need to access foreign exchange to settle foreign school fees.


The information on this page was fact-checked, however, it is subject to change at any time due to several factors influencing foreign exchange market. We implore you to check with your banks before submitting your PTA-BTA application. Failure to abide by CBN’s policy may either land you in trouble or forfeit your application or lead to delay.

PTA mean Personal Travel Allowance while BTA means Business Travel Allowance for travellers who need foreign currencies like US dollars, British Pounds Sterling, Euro among others to carry out transactions in foreign countries.

We’ve covered topics like how to apply for foreign exchange on Trade Monitoring Portal, a platform designed by the Central Bank of Nigeria (CBN) following the official removal of Bureau De Change operators from the forex exchange chain on July 27, 2021.

Despite the actions of the Central Bank of Nigeria (CBN), findings have shown that all the financial institutions don’t have a unified PTA rate in Nigeria due to some factors and reasons best known to them.

Because of the unstable fx policy in Nigeria, Nigeria are left with no option to search for “GTBank PTA rate” “Zenith PTA rate” and other search queries for users to get a fair rate.

Before we delve into the official exchange for PTA and BTA rate in Nigeria, it’s important to mention some factors that are responsible for the instability of forex in the acclaimed giant of Africa.

Factors That May Influence PTA Exchange Rate

  • CBN FX policy
  • Demand/supply factor
  • Economic policy
  • Unstable fiscal policy

CBN FX Policy

Just like we pointed earlier that Godwin Emefiele and his team at the apex bank on July 27, 2021, announced stoppage of sales of forex to over BDC operators in Nigeria due to sharp practices of the operators, such actions triggered artificial scarcity.

It’s not surprising to see the CBN claiming on its website that the official exchange rate is NGN411 when banks sell for NGN450 or NGN480. This is what an economic professor described as Forex manipulation

Demand/Supply Factor

Supply of Dollars, Pounds, and Euros in the parallel market (which is one of the inventions of CBN in FX operation in Nigeria) was scarce due to the apex bank’s policy.

Hoarding followed, the available ones at designated banks were insufficient. It led to rationing, though CBN assured that there was enough supply to the banks.

Fraudulent Nigerian travellers who jumped on the loopholes of the policy also made some millions within a few days the policy came into effect by using fake visas to access PTA. So, this could trigger a change in the BTA exchange rate in Nigeria.

Economic Policy

Nigeria’s government under President Muhammadu Buhari says it’s taking a new direction by limiting importation, investing in local production even when challenges like insecurity, poor policy, and poor infrastructure are deterrent to foreign investment in Nigeria.

The implication of this to the PTA exchange rate is that those whose needs could not be met at banks may source for means at the black market rate. In fact, it is a known fact that some bank officials deliberately frustrate core people who need BTA for essential travels and direct the customer where he could get. Such bank officials get a commission from their referral.

Unstable Fiscal Policy

Another factor that may trigger PTA exchange fluctuation and variation is the fiscal policy of Nigeria. When a government over-borrows, it puts its foreign reserves in jeopardy, thereby mounting pressure on FX market back home.

This is one of the challenges Buhari-led government has plundered the Nigerian economy into, and now the burden is on the troubled CBN governor who has been running helter-skelter to have a clean slate he had at Zenith. One of the allegations levelled against Emefiele is that he had been defending Naira with foreign reserves

Due to the power of the central bank in any economy, Nigeria’s apex bank on a timely basis “issues updates on its interventions to notify the public of its actions”.

So what’s…

PTA Exchange Rate in Nigeria Today?

At the time of publication, the BTA exchange rate in Nigeria as of Wednesday,  January 5, 2022, is as follows:

Currency Product Exchange Rate
US dollars PTA/BTA NGN419.00/$1
Foreign School fees NGN419.00/$1
Foreign Medicals NGN419.00/$1
Pounds Sterling PTA/BTA NGN574.99/£1
Foreign Medicals NGN574.99/£1
Foreign School fees NGN574.99/£1
Euro Foreign Medicals NGN480.51/€1
BTA/PTA NGN480.51/€1
Foreign School fees NGN480.51/€1

Note:  CBN Commission of 1 per cent on all PTA transactions applies which has not been included in the prevailing exchange rate above.

It is also punishable under the law to fraudulent obtain forex through false pretence and banks are put on alert on this thus:

“False application and use of fake documents to purchase PTA/BTA is strictly prohibited and is a financial crime punishable under the applicable laws in Nigeria,” UBA specifically warned.

Limitations to forex:

There is a limitation to how much PTA and BTA you can access from the bank regardless of your need for school.

Products Limitation Duration
PTA $4,000 Three months intervals
BTA $5,000 Three months intervals
Foreign School Fees $15,000 Per term or semester. Kindly see the full requirements for sales of Forex for school fees in our guide.

Note: You are to return purchased PTA/BTA to their bank within two (2) weeks from the date of purchase “if not utilized for the intended purpose or if for any reason the scheduled trip is cancelled.”

Exchange Rate At Nigerian Banks

Before buying PTA at any bank in Nigeria, we urge you to first check the rate such banks sell forex to their customers who pay for services online.

This is another factor because most Nigerian banks are in their “empire” operating like there is no one put them on the check. One of them sold USD at NGN480.96/$1 on October 29, 2021

CBN’s hammer only comes in a blue moon or when a new policy is launched, the “gra-gra” and news of scapegoating would fill the air when the week of “gra-gra” is gone, banks resort to their old ways of operations.

Gra-gra is a situation whereby someone or a government or an institution issues a threat often more than necessary in a certain time to instil fear which yields only a little result at the end.

Below is the updated Nigerian bank exchange rates.

Banks Rate (USD) Last Update (January 5, 2022)
Ecobank NGN470/$1 December 16
GTBank NGN480.96/$1 December 17
Access NGN470/$1 December 16
UBA NGN465/$1 December 13
Union bank NGN414/$1 December 12
Zenith NGN495.9/$1 January 05
Stanbic IBTC NGN482/$1 December 15
Fidelity NGN533/$1 December 13
Standard Chartered Bank (Stan Chart) NGN463/$1 November 17
Sterling Bank NGN480/$1 December 13
Prevailing demand may determine the bank exchange rate


The CBN Pta rate on its official exchange portal is pegged at NGN411.91 at the time of publication.


Before accessing forex, you should know the apex bank allows the Deposit Money Banks in Nigeria to make a profit, how much profit they can make from each transaction remains elusive, as such PTA exchange rate isn’t fixed.

What you get from GTBank may be slightly different from what you get from Zenith Bank or any forex-licenced banks in Nigeria.

To avoid delay and frustrating stories from banks, get set all your documents before applying for forex at banks.

If you’re using the online platform, ensure you understand how it works before submitting your application, ask for guidance if you don’t know.


1) Olatunji, Haleem (August 25, 2021). “CBN to prosecute bank customers who present fake travel documents for FX request”. TheCable Business. Retrieved December 16, 2021

2) CBN. (December 18, 2021). “Exchange Rates Monthly Moving Average”. Central Bank of Nigeria. Retrieved December 18, 2021.

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