Flash News! Dollars are now available at bank rate of approximately ₦384 against the black market rate of ₦510! HURRAY!!!
In a quest to ease the difficulty and increase the availability of fund for foreign transactions in Nigeria, the Central Bank of Nigeria (CBN) is allocating funds to banks in order to make it easier to get dollars for personal and business travel, medical needs and school fees. Travellers can now save over ₦200 per dollar received from the banks.
What are PTA and BTA?
A stipulated amount called Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will be made available for Nigerian travellers that require dollars for their trip.
What Led to the New Foreign Exchange Policy?
The National Economic Council (NEC) requested a review of the current foreign exchange (forex) policy due to the imbalance between the official rates and black market rates. On Monday, 27th of February 2017, CBN unveiled the new foreign exchange policy that will allow all banks to open foreign exchange (forex) retail outlets at major airports. According to, Godwin Emefiele, the CBN Governor, dollars will now be available at ₦384 the bank rate against ₦510 from Bureau de change (BDCs). This is a huge saving for future travellers.
What is the Forex Policy on PTA & BTA?
Only authorised dealers and commercial banks will be allowed to sell to customers who meet the requirement and who wish to travel for business or on personal trips. See below for a list of requirements that we have seen.
What is the New Forex Policy on School Fees and Medical Trips?
The new CBN policy will foster interbank relations as payment for school fees will be made directly by a customer’s commercial bank to the vendor. That is, customers won’t be given cash to make the payments for school fees instead the bank will make the payments directly to the bank account of the school or hospital specified by the customer. This is great for you because you save on stress, bank charges as well as sitting in traffic to get to the bank before 5 pm.
The Impact of the New Policy on Nigerian Travellers
Travellers can say goodbye to long endless queue to get dollars from BDCs at the airport or lobbying their banks for funds in advance of their trips. With this new policy, Nigerians travelling abroad can now easily access dollars without difficulty as banks will open foreign exchange kiosks at major airports and approved outlets with much cheaper rates. We are sure your regular Bureau de change (BDCs) operator is crying right now.
The Banks & PTA/BTA Allowance
The CBN has promised that the process will be as smooth as possible and that many customers will get the foreign exchange they genuinely demand. Therefore, all banks are directed to give PTA/BTA allowances for customers that can meet the requirements.
It is advised that travelling Nigerians who require dollars should check with their bank before heading to the airport.
Here is a list of requirements that we have seen circulated. Please confirm the requirements before heading to the airport OR your local bank branch.
Personal Travellers Allowance and Business Travellers Allowance Criteria
- The applicant should be 18 years or older.
- Be able to provide a valid Nigerian passport
- Have an active account with the bank that will be providing you allowance.
- Your journey must be more than 5 hours
- Your flight must originate from Nigeria
- The trip must occur within 14 days from the day of purchase of PTA/BTA
- You must have verifiable Bank Verification Number [BVN]
- Travellers are entitled to only $4,000 or its equivalent per quarter(3month)
School Fees and Medical Trips Criteria
The following criteria must be met to qualify for FX for School Fees application
- Payments will be made directly to school’s account
- You can get a maximum of $15,000 or its equivalent per term/semester
- Applicants shall be recognised parents/guardians
- You must provide your Bank Verification Number [BVN]
- You must present the following documents:
- Duly completed Form “A”
- Admission letter from the school
iii. Invoice from the school.
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source:new zealand
Is it only a Nigerian passport holder that will be elligible to get dollars for PTA? What about non-nigerians with a valid residence permit?
Hi Adrita, thanks for your message. Non-Nigerians with a valid residential permit, a bank account and can provide all the required document is eligible for the PTA funds. Please visit your local bank branch for more information.~Aminat
I need ur direct number
Hi Bode, thanks for your message. You can reach our agents on 08139842222 or send your enquiries to info@travelstart.com.ng ~Aminat
Fbn told me in 2nd week of march the following rates. Money gram 464 naira for 1 dollar. School fees 474 naira for a dollar n same for Bta. What is true?
My Bank told me I need to provide Tax clearance certificate as part of the requirements… how true pls?
Hi Beamboh, thanks for contacting us. I’m afraid don’t have the answer to this enquiry. Please visit your local bank branch for the required document and procedures.
I got pta from my bank yesterday. They didnt require tax clearance info. However, mayb this is for bta, i’m not sure. Cheers
Thanks for comment Tosin. I am glad you share it with us.
I only booked a one way ticket am I still eligible to get a PTA
Hi Sandra, thaks for your comment. Yes, you can apply for PTA with your bank.~Aminat
Just seeing this for the first time, imagine me leaving in this country’. Whoa! this is really amazing though. However, please how do apply for this? Thanks for sharing.
Hi Olu, thanks for your message it made my day. Please visit your bank for more enquiry. Do have a great day!~Aminat
AT WHAT RATE WILL THE BANK CONVERT MY NAIRA TO DOLLARS IN ORDER TO TRANSFER IT TO MY NEWYORK ACCOUNT
Hi Olu, the rate would be determined by the current market rate at the time you request the travel allowance.
Can I also buy Euro from bank ?
Hi Akinwumi, thanks for your message. You can also buy Euro from the bank.However, please confirm with your local bank.~Aminat
Is it possible to get PTA from different banks for the same trip ??
Hi Femi, thanks for your comment. I am sorry that I can’t provide the right answer to your question. Please do confirm with the local bank.~Aminat
Will purchase of bta only happen 14days to your trip? Can it be bought 9days to your trip?
Hi Linda, thanks for your comment. Your BTA can be purchased on or before your travel date. The local banks now have foreign exchange kiosks at major airports and approved outlets. However, please note that the trip must occur within 14 days from the day of purchase of PTA/BTA. Please visit your local bank branch for more information. ~Aminat
Pls I’m travelling for Umra, how should I go about this? Because Saudi is for hours not five. Whichever the case may be, I want to change my cash to dollars.
Hi Hassana, thanks for your comment. I’m afraid I can’t provide more information about the BTA policy. Please visit your local bank for more information.I am sure, they would be ready to assist you with all the procedures. Thank you. ~Aminat
Please leave your comment…hello,pls i want to no about bta,are going to hold all ur bta in cash to thr airport or only ur statement of account and atm card
Hi Adewale, thanks for your comment. I’m afraid I can’t provide more information about the BTA policy. Please visit your local bank for more information.I am sure, they would be ready to assist you with all the procedures. Thank you. ~Aminat
Please how long does it take for you to get your PTA. I have applied since last week Wednesday and am yet to get response.
Hi Shefiu, thanks for your comment. We don’t provide PTA for our customer. Please visit your local bank for more information. Thank you~Aminat
Thanks for the info