ABUJA (Sundiata Post) – The Central Bank of Nigeria (CBN) has announced that Personal and Basic Travel Allowances will only be paid through electronic channels and not by cash.
This is amid the foreign exchange crisis witnessed in the country.
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 Tr