CBN Policy on PTA, BTA, school fees & medicals – all charges stopped

CBN has issued a new Policy on PTA, BTA, School fees and Medicals.

The Central Bank of Nigeria (CBN) has stop all charges on the sale of foreign exchange for invisible transactions such as Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school tuitions and medical bills payment abroad

CBN Director signed the circular that was issued to all authorised dealers, Trade and Exchange Department. W.D Gotring stated that charging of commissions on retail foreign exchange transactions has been abolished. He said that compliance to the directive is with immediate effect.

How to pay school fees abroad from Nigeria

According to the Nation, the inter-bank Foreign Exchange Market has received $210 million from the CBN to meet customers’ requests in various segments of the market.

The CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and BTA, among others, were also allocated the sum of $55 million.

The bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, assured Nigerians that the bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He said the body will continue to support the CBN to sustain ongoing stability in the forex market even as it is planning to float a new website that will present objective position of the market.

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