Are you about to relocate or go abroad? Then you should ask your bank for a travel allowance. This is because there is now a significant difference between official and black-market rates.
Unfortunately, this means that any Nigerian traveling abroad who wishes to exchange their Naira for USD, GBP, or EUR will be at a disadvantage because they will have to rely on black market rates.
However, the Central Bank of Nigeria (CBN) reserves particular foreign exchange currencies for such occasions. So, if you qualify for a travel allowance, you can exchange your Naira at a lower rate straight from your bank. This post will teach you how.
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Travel Allowance Types
You can apply for a personal travel allowance (PTA) or a business travel allowance (BTA) if you are going overseas. This is also accessible at any Nigerian registered commercial bank.
If you are an overseas student or traveling on vacation, you can receive a PTA. However, you can only spend $4,000 every quarter (90 days). BTAs are for executives traveling solely for business, and the quarterly cap is $5000. (90 days).
BTAs are for executives traveling solely for business, and the quarterly cap is $5000. (90 days).
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The Central Bank of Nigeria’s PTA Eligibility Criteria
So, if you want to go overseas for personal reasons and want to apply for a PTA, here are the conditions.
- An international passport.
- A return flight ticket from Nigeria.
- A valid visa.
- Admission letter if traveling as a student.
- Return flight tickets.
- You must be above the age of 18.
- You must not be visiting a blacklisted country.
- The trip should happen within the next two weeks.
Once you have all of these information, you may proceed to the application process.
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How to Obtain a PTA in Nigeria
Thankfully, the whole application procedure is now completed online. Here’s how to get started:
- Go to the trade portal monitoring system’s website.
- Enter your BVN to create an account.
- You will receive an OTP on the email address associated with your BVN.
- After you have log in, on the home page click on “Form A”.
- Fill out your personal information and click next.
- Tick the PTA box and fill out the remaining details such as how much you need.
- Fill out your bank information and the branch where you’d like to pick up your cash
- Upload all required papers, including a letter of authorization to debit your account.
- Preview your form and submit.
You will get a response within 14 days. Also, bear in mind that the application fee is N5,000, which will be deducted straight from the account you specified in your application. Once you get an answer, bring your foreign passport to the bank to pick up your request.
CBN Nigeria’s BTA Requirements
A corporate travel allowance has much more stringent standards than a personal travel allowance. Here are the requirements for obtaining a BTA:
- You must be above the age of 18.
- An international passport.
- An introduction letter from your organization stating the cause for the trip.
- A letter of invitation from your business colleagues overseas
- An airline ticket beginning in Nigeria.
- A valid visa
- Not visiting a nation on the blacklist.
- A credit balance equal to the amount you wish to buy.
Procedures for Applying for BTA
If you have all of these papers, follow these steps to apply for a business travel allowance online:
- Go to the website of the trade portal monitoring system.
- Enter your BVN to create an account.
- You will receive an OTP on the email address associated with your BVN.
- After you have log in, on the home page click on “Form A”.
- Fill out your personal information and click on next
- Do not click on any of the shortcuts. Instead, choose your business purpose from the menu on this page.
- Enter the sort of BTA you’re asking, as well as how much you need.
- Fill out your bank details, as well as the bank branch where you’ll be picking up your cash.
- Upload all required papers, including a letter of authorization to debit your account.
Within the following 14 days, you will get a response. Keep an eye on your gateway during this time.
Many tourists are tempted to use fake tickets or other papers, especially if they don’t meet all of the requirements. This, however, is a legal infraction. As a result, it is advisable for you to plan ahead of time.