$16,000 PTA per year, $15,000 per semester…CBN guidelines for adjusted forex policy

The Central Bank of Nigeria (CBN) says every Nigerian, 18 years or older, is entitled to $4,000 per quarter of $16,000 per year for personal travel allowance (PTA) under the guidelines for the adjusted foreign exchange policy.

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On Monday, CBN announced adjustments to its existing foreign exchange policy, directing banks to open sales point across major airports in the country.

In a circular signed by Alvan Ikoku, CBN director of financial markets department, the bank said “PTA shall only apply to journeys of not less than five hour flight time”, with the flight originating from Nigeria.

CBN also said every applicant shall present a tax clearance certificate, a Nigerian passport, and bank verification number (BVN).

On school fees payment, the apex bank said Nigerians can get as much as $15,000 per semester for university education only.

The bank said the funds will be paid directly into the University’s account, based on presented invoice and valid admission letter.

CBN was silent on the guidelines for application for foreign exchange, as it regards medical trips.

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