The Central Bank of Nigeria (CBN) has updated its guidelines for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), allowing for 25% of these allowances to be disbursed in cash. The remaining 75% will continue to be processed through electronic channels, such as debit and credit cards.

This policy adjustment was officially announced on Friday in Abuja during the launch of the 4th Edition of the Foreign Exchange (FX) Manual. Previously, all PTA and BTA payments were mandated to be exclusively processed electronically.

According to the CBN, this revision aligns PTA and BTA disbursements with the updated Bureau De Change regulations. The move is intended to reduce operational bottlenecks and enhance efficiency for authorized dealers, corporations, and other stakeholders in the foreign exchange market.

Dr. Muhammad Abdullahi, Deputy Governor of the Economic Policy Directorate, stated that the new manual introduces additional measures to streamline FX transactions. He noted that “Under the revised structure, 75% of PTA and BTA will be disbursed electronically, while 25% may be paid in cash.”

The updated FX manual also includes provisions for an increased allowable advance payment for imports, raising it from 15% to 30%. Additionally, it facilitates the free processing of Form NXP and accommodates transactions related to service exports, the Pan-African Payment and Settlement System (PAPSS), and non-resident investment accounts.

Further provisions allow for tuition fee payments for undergraduate and postgraduate studies up to $25,000 per semester. Payments for services and charges generated in foreign currency are also permitted under the revised framework.

The CBN emphasized that these updates are designed to align with international best practices, thereby improving clarity, transparency, and operational efficiency within Nigeria's FX market.