By Nse Anthony-Uko,
ABUJA, (Sundiata Post) – The Central Bank of Nigeria (CBN) has released the eligibility criteria in the application for Personal Travel Allowance (PTA), and School Fees, in line with its commitment to increase Foreign Exchange availability and ease the difficulties encountered by Nigerians in obtaining funds for invisible transactions.
The apex Bank also said that sale of foreign exchange for these purposes will be on Tuesdays every week.
According to the CBN, in a circular obtained from its website, it shall commence the sales of foreign exchange on weekly basis to banks classified into merchant, small, medium and big banks solely for the purpose of PTA and school fees to the general public.
For the PTA, the apex bank said applicants must be 18 years old and above and must be holders of Nigerian passports.
They are also required to have active accounts in the banks where they are applying for the PTA.
CBN Director, Financial Markets Department, Dr Alvan Ikoku, in a Circular on Thursday, said that the PTA shall only apply to journeys of not less than five hours flight time, which must originate from Nigeria.
The apex bank also stipulated that sale of PTA shall be for travel to be undertaken not more than 14 days from the day of the purchase of PTA. Each applicant is entitled to $4,000.00 per quarter.
In addition to these, applicants are also expected to present verifiable Bank Verification Number (BVN) to their banks.
On sale of foreign exchange for school fees, the bank stipulated that remittances will be made directly to school’s account.
Each beneficiary is entitled to a maximum of $15,000 or its equivalent per term/semester
Also, applicants shall be recognised parents/guardians who must provide their Bank Verification Number BVN.
In addition to these, the applicants are also expected to present a duly completed Form “A”; Admission letter from the school as well as Invoice from the school.
According to the CBN, “This circular supersedes the previous circular, Ref: FMD/DIR/CIR/GEN/08/002; adding that any bank the fails to comply with the provisions in the circular will be sanctioned.
All banks are expected to submit a daily return of their sale of foreign exchange for PTA and school fees to the CBN.
The bank said that the report which must reach the Director, Financial Markets Department, on or before 4 p.m daily in soft and hard copies must indicate applicant’s name, amount purchased, applicable rate (USD/NGN), purpose of purchase, Beneficiary name and Passport number.