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CBN Ban Cash Acquisition for Personal, Business Travel Allowance

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CBN Bans Cash Acquisitions for Personal/Business Travel Allowance

On Wednesday, the Central Bank of Nigeria, CBN, issued a circular informing all authorised bank dealers and the general public of its decision to halt using cash to acquire Personal and Business Travel Allowance.

In light of the need to control the flow of exchange rates in the nation’s economy, CBN’s Trade and Exchange Department issued a directive to commercial banks stating that the banks should no longer accept cash for travel allowance.

The statement in part reads:

All authorised dealers shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.

The circular, assigned by the Director of Trade and Exchange Department, Dr Hassan Mahmud, further reads, “For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted. Authorised dealers and the general public are hereby to note and comply accordingly.”

Meanwhile, today, the US dollar to naira sells for ₦1516.704 for the official rate and ₦1,600 in the parallel market.

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