DOLLAR SCARCITY: CBN Bans Banks from Giving Cash as Personal, Business Travel Allowance

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By Innocent Orok

The Central Bank of Nigeria (CBN) has made an important policy adjustment, instructing all approved banks to discontinue the distribution of cash for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

In adherence to the current regulations, the processing of these allowances is now required to be conducted through electronic means, specifically through debit cards or credit cards.

In an effort to promote honesty and stability in the foreign exchange market and prevent unethical foreign exchange activities, Dr. Hassan Mahmud, Director of the Trade and Exchange Department, has issued this directive.

This directive, signed by Dr. Mahmud, focuses on enhancing transparency and maintaining stability in the foreign exchange market, while also aiming to curb any fraudulent or improper practices related to forex.

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