CBN Revises FX Rules, Allows 25% Cash Payment for PTA and BTA
The Central Bank of Nigeria (CBN) has revised its Foreign Exchange Manual, introducing a new policy affecting Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) disbursements. Under the updated guideline, 25% of PTA and BTA allocations can now be paid in cash, while the remaining 75% must be processed electronically through approved banking channels. The move is expected to provide travelers with improved access to foreign exchange while also promoting transparency and reducing pressure on physical cash transactions within the forex market. PTA and BTA are foreign exchange allocations provided to Nigerians traveling abroad for personal or business purposes, and changes to their disbursement structure often attract significant public attention. Financial analysts believe the adjustment could help balance convenience for travelers with the CBN’s broader objective of strengthening digital financial transactions and improving monitoring within the foreign excha...