Updated: BTA-PTA Exchange Rate in Nigeria Today

Last updated on January 12th, 2024 at 07:26 pm


What is PTA Exchange rate?

PTA exchange rate is the USD/NGN prevailing buy and sell market rate at which applicants for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) who need foreign currencies are ready to pay to meet their FX needs.

PTA means Personal Travel Allowance while BTA means Business Travel Allowance for travellers who need foreign currencies to settle international transactions and services.

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 on eForm Digital Platform by the CBN. Failure to abide by CBN’s policy may either land you in trouble or forfeit your application or lead to delay.

What Is PTA Exchange Rate in Nigeria Today?

After the unification of the FX market and the floating of the Naira by the administration of President Bola Tinubu, PTA exchange rate jumped from NGN462.00 to N750+ in June 2023.

But since I&E window which the banks in Nigeria also use isn’t stable, here is the latest rate banks will sell Dollars to anyone who is willing to buy FX to pay school fees abroad:

Also Read:  10 Ways To Increase the Value of Naira
CurrencyProductExchange Rate
US dollarsPTA/BTANGN752.00
Foreign School feesNGN752.00/$1
Foreign MedicalsNGN752.00/$1
Pounds SterlingPTA/BTANGN959.40/£1
Foreign MedicalsNGN959.40/£1
Foreign School feesNGN959.40/£1
EuroForeign MedicalsNGN823.82/€1
Foreign School feesNGN823.82/€1

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, Nigerians 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.

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 out earlier Godwin Emefiele and his team at the apex bank on July 27, 2021, announced a 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.

Also Read:  CBN defends naira with $4.37bn in three months

Hoarding followed, but 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 travelers who jumped on the loopholes of the policy also made some millions within a few days of the policy coming 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, and investing in local production even when challenges like insecurity, poor policy, and poor infrastructure are deterrents 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.

It is a known fact that some bank officials deliberately frustrate core people who need BTA for essential travel 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 the 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”.

Also Read:  Parallel Market: CBN Governor Got It Wrong On Foreign Exchange

Note:  CBN Commission of 1 percent 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.

PTA$4,000Three months intervals
BTA$5,000Three months intervals
Foreign School Fees$15,000Per 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.”


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 delays 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.


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


  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top