How to Buy PTA and BTA from Nigerian Banks; Requirements

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Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) are currency exchange programs 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. The gap shortchanges Nigerians who spend Naira abroad due to the in-balanced 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. View current rate below:


BankNaija

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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 modalities and requirements that ensure that the set aside funds are given ONLY to Nigerians travelling abroad. Here are the modalities and requirements, and how to buy BTA/PTA below:

Modalities:

  1. The PTA and BTA are available to only Nigerians
  2. The applicant must be 18+ (if individual)
  3. The destination country must be at least 5 hours+ away by air
  4. Flight must originate from Nigeria
  5. The limit for PTA is $4,000 per quarter (3 months)
  6. The limit for BTA is $5,000 per quarter (3 months)
  7. The processing bank must take no extra charge
  8. Not to be sold to travelers visiting blacklisted countries

ALSO CHECK: UBA Moni (Agency Banking): How to Register, Everything You Need to Know

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 flight ticket originating from Nigeria (Must be a return ticket and within two-weeks)
  5. Unencumbered credit balance/cash of the equivalent amount being sold
banknaija-how-to-buy-pta-bta

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 (for staff)
  3. The maximum amount for BTA is $5,000 per quarter

* A company has access to maximum of $20,000 per quarter (4 staff)

4. Copies of CAC documentation

5. A valid visa

6. Confirmation of flight ticket originating from Nigeria (Must be a return ticket and within two weeks)

7. Unencumbered credit balance/cash of the equivalent amount being sold

Simply gather these requirements, walk into ANY bank of choice and present your documents and fund for their processing.

ALSO CHECK: How To Apply for National Social Housing Programme (NSHP) and Own a Home for N2 Million: nshp.gov.ng

Recently, there have been unconfirmed reports coming anonymously from some banks that CBN has not been allocating enough FX to banks due to general shortage of FX. 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. To learn about the Sale day for your bank, we will advise that you consult with your accounts officer for the mot suitable date to visit.

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