The Central Bank Of Nigeria yesterday , gave orders to all banks operating in Nigeria to process all
demands relating to Personal Travel Allowance(PTA) and Business Travel Allowance (BTA) within 24 hours in all branches.
The CBN gave the order in a circular which was signed by the Director, Financial Markets Developments, Mr Ivan Ikoku.
The Circular which was titled "Update To Foreign Exchange Directives" mandated the banks to open teller points specifically for Forex transactions in order to ensure access to foreign exchange by their customers without any hindrance.
"All banks must have an electronic display board in all their branches, showing rates of all trading currencies and customers must insist on processing FX transactions based on the displayed rates.
" Banks are mandated to process and meet the demand for travel allowance (PTA/BTA) by end -users within 24 hours of such applications as long as the end-users meet basic requirements already outlined in earlier directives; and banks are mandated to process and meet demands for school fees and medical bills within 48 hours of such application.
"Please note that this directive is effective immediately and non compliance will attract sanctions including but not limited to being barred from all future CBN exchange intervention."
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