How to Buy PTA and BTA from Nigerian Banks; New Requirements

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Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) are currency exchange schemes specifically set up for Nigerians traveling abroad for personal or business reasons. The purpose of the program is to try to level the huge gap between the Central bank of Nigeria (CBN) rate and the Black Market rate for Nigerians traveling abroad.

Nigerians, who spend Naira abroad, are sadly shortchanged due to the imbalanced Forex rates. This article is focused on informing its readers about the requirements, how to buy/get PTA, and BTA. BTA and PTA are sold at the current FX rates.

How much is PTA/BTA in Nigerian banks today? See below:

Have you been asking how much is PTA/BTA (US Dollar, EUR, GBP, and so on) in Nigerian banks today?

Kindly visit your bank for this information.

So basically, the CBN sets aside and specifically allocates FX to the Bureau De Change and Commercial Banks, to be used for this reason only. There are a few rules and requirements set by CBN to ensure that the funds are given ONLY to Nigerians travelling abroad. Here are the modalities and requirements, and how to buy BTA/PTA below:

New CBN Rules for PTA/BTA:

  1. The PTA and BTA are available to only Nigerians.
  2. The applicant must be 18+
  3. The destination country must be at least 5 hrs+ away by air.
  4. Flight must be a return ticket
  5. Where the applicant did not travel, PTA/BTA bought must be returned to the bank by the within 2 weeks of purchase
  6. When tickets scheduled date is changed, the applicant is required to update that information with the bank as well
  7. The flight ticket must originate from Nigeria.
  8. Travel date must be within the next 2 weeks.
  9. The limit for PTA is $4,000 per quarter (3 months).
  10. The limit for BTA is $5,000 per quarter (3 months).
  11. Your passport must be stamped after each purchase.
  12. Not to be sold to travelers visiting blacklisted countries.

ALSO CHECK: How to Pay your School Fees Abroad from Nigeria

Step-by-Step Procedure to Apply for PTA/BTA in any Bank

  1. Visit ANY bank of your choice (preferably a bank where you have account).
  2. Fund your bank account with Naira value of the amount you need.
  3. The bank official will give you Form A. Fill and submit.
  4. Submit your international passport that also has your visa page in it.
  5. Submit a copy of your flight ticket.
  6. Fill the bank’s PTA/BTA form.
  7. Submit.

**The bank will start processing your request immediately. On approval, a bank official will give you the cash in the currency that you have requested and also stamp your passport.

Procedure for Students to Apply for PTA in any Bank

Following the recent FX reforms by the CBN, students who are going to study abroad are now eligible to purchase Personal Travel Allowance (PTA) even with a one-way ticket. Here are requirements and a step-by-step guide on how students can buy PTA in the bank:

Requirements

  1. International passport that also has the student visa page in it
  2. Provisional admission letter
  3. One-way or two-way flight ticket

The student can follow this guide advised earlier to get their PTA in any Nigerian bank.

Requirements for PTA (max. $4,000):

  1. The applicant’s valid and current international passport.
  2. The maximum amount for PTA is $4,000 per quarter.
  3. A valid visa.
  4. Confirmation of a return flight ticket originating from Nigeria (Must be a return ticket and within the next two weeks).
  5. Unencumbered credit balance/cash of the equivalent amount being sold.
banknaija-how-to-buy-pta-bta

ALSO CHECK: “Card Declined by Issuing Bank” – Top 10 Reasons and How to Fix the Issues

Requirements for BTA (max. $5,000):

  1. The applicant’s valid and current international passport of the director or staff of the company.
  2. An introduction letter from the company stating purpose of travel.
  3. The maximum amount for BTA is $5,000 per quarter and per head.
  4. Letter of invitation from the overseas business partners.
  5. Copies of CAC documentation.
  6. A valid visa.
  7. Confirmation of a return flight ticket originating from Nigeria (Must be a return ticket and within the next two weeks).
  8. Unencumbered credit balance/cash of the equivalent amount being sold.

The CBN has noted that some people deceive their banks with fake visas and tickets, this is an offence that can earn the defaulter a BVN blacklist and/or jail term. The implementation of the punishment began recently.

Also, there has been some uncertainty surrounding FX availability in some banks. This has made many banks resort to devising ‘Sale days’ and ‘Non-Sale days’ to aggregate all their requests and process within a devised short window.

However, this is about to change as the CBN is set to increase fx allocations to commercial banks after suspending sales to BDCs.

5 Comments
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  5. Sohail Ahmed Ansari says

    what is provision for foreginers who works and stay in Nigria .to get PTA. for sure foreginers not having Nigerian passport. I visted my UBA branch .with all documents. but my request has been rejected since I am Indian passport holder. Their is some gap .foreginers are also traveling there must be aprovision. since forex exchnge is banned ,foreginer where should approch to exchange their money.

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