A new foreign exchange policy was announced by the Central Bank of Nigeria on Monday, February 20. Under the new policy, Nigerians can now access forex for payment of school fees for Nigerian students abroad, medical expenses, personal and business travel allowances. The requirement or conditions to be met before a customer can have to access to forex for school fees, medical expenses and others under the new policy are as follows:
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For Personal Travel Allowance (PTA)
1. Applicants should be 18 years of age and above.
2. Applicants/beneficiaries shall be holders of Nigerian passports.
3. Applicants shall be account holders in the chosen bank.
4. PTA shall only apply to journeys of not less than five hours flight time.
5. Applicants shall be entitled to $4,000.00 per quarter. This means you cannot get more than $4000 in three months.
6. Applicants shall present verifiable BVNs to their bankers.
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