CBN Ban Cash Acquisition for Personal, Business Travel Allowance
Mayowa DurosinmiFebruary 15, 20241 Mins read633 
On Wednesday, the Central Bank of Nigeria, CBN, issued a circular informing all authorised bank dealers and the general public of its decision to halt using cash to acquire Personal and Business Travel Allowance.
In light of the need to control the flow of exchange rates in the nation’s economy, CBN’s Trade and Exchange Department issued a directive to commercial banks stating that the banks should no longer accept cash for travel allowance.
The statement in part reads:
All authorised dealers shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.
The circular, assigned by the Director of Trade and Exchange Department, Dr Hassan Mahmud, further reads, “For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted. Authorised dealers and the general public are hereby to note and comply accordingly.”
Meanwhile, today, the US dollar to naira sells for ₦1516.704 for the official rate and ₦1,600 in the parallel market.
Read more: Your Money or Your Life: Buhari or Nigeria
About The Author
Related Articles
Tinubu Government Delays Release of Signed Tax Acts to the Public
Four days after President Bola Tinubu announced the signing of four tax...
As Tinubu Urges Africa-Caribbean Unity in Saint Lucia, Over 272 Nigerians Killed in June Alone
While Nigerians deal with deadly violence, worsening hunger, and mass flooding, President...
You Can’t Tax a Dead Economy: Nigeria Is Suffocating Under Its Own Policies
As Nigeria’s Central Bank clings to its benchmark interest rate of 27.5...
“Wike is Not a Blessing to Us, He’s a Disaster” — Workers Protest in Nigeria’s Capital Over Unpaid Wages, Poor Working Conditions
Staff members of the Federal Capital Territory Administration (FCTA) in Abuja barricaded...
Leave a comment