CBN – “Travel allowances by cash no longer permitted”

CBN – “Travel allowances by cash no longer permitted” 

Travel allowances by cash no longer permitted – Amid the foreign exchange crisis witnessed in the country, the Central Bank of Nigeria (CBN) has announced that henceforth, Personal and Basic Travel Allowances will only be paid through electronic channels and not by cash.

The apex bank’s Director of Trade and Exchange Department at the apex bank, Hassan Mahmud, gave the directive in a circular dated February 14, 2024. All authorised dealers and the general public to note and comply accordingly.

The circular titled, ‘Allowable Channels For Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’ read;

Memorandum 8 of the Foreign Exchange
manual and the circular with reference FMD/DIR/CIR/GEN/08/003 dated February 20, 2017, stipulate the eligibility criteria for accessing Personal and Business Travel allowances (PTA/BTA).

In line with the Nigeria commitment to
ensure transparency and stability in the
foreign exchange market and avoid foreign exchange malpractices, All Authorised Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only. including debit or credit cards.