Commercial banks have mandated travellers in need of dollars – Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) – to get travel debit cards as they commence card-based dollar disbursements.
It is also a part of the Bankers’ Committee policy to use digital processes to track forex transactions, stop fraudsters from abusing the system, and save scarce forex for the economy.
The Central Bank of Nigeria (CBN) guidelines require that a company can buy up to $5,000 BTA per quarter while an individual is entitled to $4,000 PTA per quarter.
At one of the bankers’ committee meeting in Lagos last year, Group Managing Director, Guaranty Trust Holding Company Plc, Segun Agbaje, said there have been incidents of customers presenting expired passports, invalid flight tickets, or open tickets that are canceled after they acquire the foreign exchange.
Agbaje added that banks do not want “fraudulent transactions taking place” in the guise of forex transactions.