Central Bank of Nigeria crashes Dollar to N360 for Personal Travel Allowances

    Central Bank of Nigeria, CBN, has mandated all banks to process foreign exchange demand for Personal Travel Allowances, PTAs, Business Travel Allowances, BTAs, medicals and school fees at 360 Naira to the Dollar.



   The financial regulator gave the order in a circular issued to all commercial banks today.

   The CBN says banks will be receiving the foreign exchange at N357 to the Dollar from the regulator and should not sell the monies to Bureau de Change operators, but only to retail end users.

The banks were also ordered to display the new rate of N360 in all their branches and should expect CBN examiners who will move around to ensure compliance.

   Earlier this month, the CBN had instructed the banks to process and meet the demand of PTAs and BTAs by end-users within 24 hours of such application.

  According to the regulator, the directive remains unchanged and customers are directed to report any bank which fails to comply with the new directive.