Nigerian travelers planning to access Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) through their banks are now mandated to return any unutilised forex within two weeks.
This was disclosed in an email sent to all customers of United Bank for Africa Plc.
In the email seen by Investors King, the lender said bank customers who purchased PTA and BTA capped at $4,000 and $5,000 per quarter respectively are mandated to return all unutilised forex to their bank within two weeks from the date of purchase “if not utilized for the intended purpose or if for any reason the scheduled trip is cancelled.”
International passengers are to provide a valid visa and international return ticket with a travel date note more than 14 days from the date of PTA/BTA purchase to be able to access forex at commercial banks’ rate.
The bank said “in line with the Central Bank of Nigeria’s policy to improve access to foreign exchange (FX) for legitimate transactions, we are committed to providing you with foreign exchange for your Personal and Business Travel as well as payment for overseas Education, Medical and other eligible invisible transactions. As our valued customer, you have a role to play to ensure the success and integrity of the policy.”
Customers are therefore advised to adhere to the new rule to enable the bank to serve them better.
