The Central Bank of Nigeria (CBN) has limited the sales of dollar for purpose of school fees payment to $15,000 per term/semester and $4,000 per quarter for Personal Travel Allowance (PTA).
This follows at the CBN commences the sales of foreign exchange on weekly basis (every Tuesday) to banks classified into merchant banks, small banks, medium banks and big banks.
Other conditions for accessing foreign exchange for PTA include applicant’s presentation of Bank Verification Number (BVN) to their banker, applicants shall be 18 years and above, shall be account holders of a chosen bank, shall apply for journeys not less than five hours flight time, and among others, sale of PTA shall be for travel to be undertaken not more than 14 days from the day of the purchase of the PTA.
These are contained in the guidelines for the operationalization of the new policy on PTA and Scholl fees signed by Alvan Ikoku, director, financial markets department of the CBN.
For the purpose of school fees, the guideline stated that remittances shall be made to the school’s account, adding that applicants shall be recognised parents/guardians. Other conditions include presentation of Form “A”, admission letter from school, invoice from school and presentation of BVN.
According to the guideline, all banks are expected to submit a daily return of their sale of foreign exchange for PTA and school fees to the CBN on or before 4 pm daily. The CBN has threatened to sanction any bank that fails to comply with the circular.
