Due to the challenges of getting foreign exchange, First Bank of Nigeria (FBN) has changed its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) policy.
The financial institution said its FirstBank Travel Card
will now receive PTA and BTA when customers apply for it.
In a statement, titled “Updates on FX Purchase” it said payments for both PTA and BTA are only
made for two quarters a year, with a supporting Form A document that makes the
applicant eligible.
It stated further that only $15,000 will be made available
for school feed application for each semester, and for a maximum of two
semesters per session. The processing is completed after at least 30 days.
However, for upkeep, the commercial bank disclosed that only
$3,000 or its equivalent in other foreign currencies will be made available
each semester, but a maximum of two semesters per session. The processing is
done after at least 30 days.
The statement also
reads, “The full Personal Travel Allowance (PTA) and Business Travel
Allowance (BTA) ($4,000 and $5,000) respectively will now be disbursed into
your FirstBank Travel Card. All applications will be in line with Regulatory
Requirements.’
The bank urged customers to “Kindly ensure that all PTA/BTA
applications along with the approved Form A are submitted at the branch
exactly 14 days before your proposed travel date. Sales are limited to two
quarters a year.”
First Bank further explained that, “Please be informed that
a Form M must accompany applications for Form Q, subject to a maximum of
$20,000 and limited to 2 quarters a financial year.”
PTA and Business Travel Allowance (BTA) enables students,
business owners and persons seeking leisure above purchase dollar at the
official rate, which is N430.33/$1 as of Friday, rather than buying at a
premium rate of N705/$1 in the black market.
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