CBN Stops Charges on BTA, PTA, School Fees, Medicals

CBN
  • CBN Stops Charges on BTA, PTA, School Fees, Medicals

The Central Bank of Nigeria (CBN) yesterday abolished all charges on the sale of foreign exchange for invisible transactions such as Business Travel Allowance (BTA), Personal Travel Allowance (PTA), school fees and medical bills payment abroad.

A circular to all authorised dealers signed by CBN Director, Trade and Exchange Department, W.D Gotring, stated that charging of commissions on retail foreign exchange transactions have been abolished. He said that compliance to the directive is with immediate effect.

Meanwhile, the inter-bank Foreign Exchange Market has received $210 million from the CBN to meet customers’ requests in various segments of the market.

The CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and BTA, among others, were also allocated the sum of $55 million.

The bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, assured Nigerians that the bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

Meanwhile Abokifx.com yesterday said the naira closed at N383 to dollar in the parallel market, a figure that was immediately refuted by the President, Association of Bureaux De Change operators of Nigeria (ABCON), Aminu Gwadabe, describing it as misleading and an attempt to recreate panic in the market.

He said the body will continue to support the CBN to sustain ongoing stability in the forex market even as it is planning to float a new website that will present objective position of the market.

He said the naira closed at N362 to dollar yesterday and will continue to be stable.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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