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Got this email now: The New CBN Forex Policy on PTA and School Fees

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The New CBN Forex Policy on PTA and School Fees
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The Central Bank of Nigeria has introduced new measures to increase Foreign Exchange availability in the Nigerian Foreign Exchange Market, and ease the difficulties encountered in obtaining funds for some invisible transactions.

Personal Travel Allowance (PTA)

  • Applicants shall be eighteen (18) years of age and above
  • Applicants/beneficiaries shall be holders of Nigerian Passports
  • Applicants shall be account holders in FirstBank PTA shall only apply to journeys of not less than five (5) hours flight time
  • The flight must originate from Nigeria
  • Sale of PTA shall be for travel to be undertaken not more than 14 days from the day of the purchase of PTA
  • Applicants shall be entitled to $4,000.00 per quarter
  • Applicants shall present verifiable BVNs to their bankers


School Fees

  • Remittances shall be made directly to the School's account
  • Applications shall be for not more than $15,000.00 or its equivalent per term/semester.
  • Applicants shall be recognised, parents/guardians
  • Applicants shall provide their Bank Verification Numbers (BVN) to their bankers
  • Applicants shall present the following:
  1. Duly completed form "A"
  2. Admission letter from the university
  3. Invoice from the university


Weekly Foreign Exchange Sales
Sales of Foreign Exchange by the Central Bank of Nigeria for PTA and School Fees will hold every Tuesday.

Please visit any FirstBank branch, speak to your Relationship Manager or call FirstContact on 01-4485500 for more enquiries.

Thank you for banking with FirstBank.

 

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