Forex Crisis: Banks Reduce PTA/BTA to $2000, Review Processing Time to 120 Days

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Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) dollar amounts have been reduced by 50% at Nigerian banks, from $4000 to $2000, respectively.

Also, the commercial banks have started to increase the processing period for obtaining foreign exchange (FX) for overseas school expenses from 48 hours to 120 days.

According to IATA, the “A powerful message against foreign direct investment is sent by stranded cash (FDI). I believe that Nigeria deserves to be treated with some respect and honor “He disputed.

The NANTA President emphasized that the choice made by international airlines to close lower inventories to the travel agencies was too harsh and hostile to the market and that the travel agencies continue to suffer the burden of it.

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