THOSE ENTITLED TO PTA, AND HOW MUCH; SAYS CBN

Under the new determination by the Central Bank of Nigeria to fund all requests for forex for medical bills, school fees and personal travel allowance (PTA) the bank has clarified those who are entitled to it.

According to a circular signed by CBN Director, Financial markets department, Dr Alvan B Ikoku, all beneficiaries must be above 18 years of age and holders of Nigerian passports.

Also there will be maximum of $15,000 per semester for school fees and $4000 per quarter in the case of PTA.

PTAs will apply to journeys of not less than five hours of flight time; that originate from Nigeria and for travel to be undertaken in not more than 14 days from the travel date. 

Each applicant too must have an account with a chosen and have BVN on such accounts.

As for school fees, this will only be paid directly to school accounts and must be backed with filled Form 'A', admission letter and invoice from the school. Besides, the applicants must be recognized parents/guardian of the foreign based student with Nigerian passport.

Under the new policy, the CBN shall sell forex to banks every Tuesday for BTA, PTA. School fees beginning with the one held yesterday.

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