Dollar shortage: Banks Decrease Travel Allowance, International School Costs

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In response to a deepening foreign exchange crisis, Deposit Money Banks have reduced the amount of Personal Travel Allowance and school fees that its clients are eligible to apply for.

Due to the country’s FX shortage, lenders have recently been obliged to take extraordinary steps in order to fulfill their dollar obligations.

Several DMBs on Tuesday reduced the amount of PTA its clients may request for from $4,000 to $2,000 in an email to clients.

Also, lenders reduced the $15,000 per semester payment for international school tuition to $7,500.
First Bank of Nigeria Ltd, one of the lenders, encouraged its clients to submit their different FX requests many weeks beforehand.

Punch

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