Business

CBN assures customers of adequate Forex for PTA, BTA, others

Published

7 years ago

April 1, 2017

Olu Emmanuel

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By Chioma Obinagwam

The Central Bank of Nigeria (CBN) has assured customers of Deposit Money Banks(DMB) as well as the general public, that contrary to claims from some quarters of paucity in the supply of Forex for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), Medical and School fees, there is sufficient Forex for them.

The CBN made this reassurance in a statement issued by the Acting Director, Corporate Communications of the Bank, Mr. Isaac Okoroafor on Friday.

He said: “There is Adequate Forex for PTA, BTA, Tuition & Medical Fees. Information reaching the CBN reveals that some customers seeking to buy Forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees.”

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“This claim is totally untrue. All banks have more than enough stock of Forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. Indeed, on a weekly basis, the CBN has been selling at least $80 million to banks for onward sale to their customers for these invisible items,” he continued.

The CBN had on March 27, 2017 directed banks to implement the aforementioned mandate and had earlier set the exchange rate for those transactions at 20 per cent above the prevailing inter-bank rate as

He, however, advised members of the public seeking to buy forex for the above-mentioned purposes to go to their banks and obtain their forex.

Okoroafor further disclosed that any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to [email protected], with the name and branch of the non-cooperating bank.

The Acting Director added that no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360 to $1.