For those that do not earn directly in foreign exchange, having access to the Dollar at the best rate when buying with the Naira is very important. Since the process has changed recently, it is also important to know how to buy PTA and BTA from Nigerian banks.
Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) is a foreign exchange system set up by the Central Bank of Nigeria (CBN) for Nigerians traveling abroad to get access to foreign exchange at a favorable rate. This way, Nigerians do not have to go through the black market to get what they want. The CBN allocates a certain volume of foreign exchange to commercial banks to carry out this exercise.
Requirements to Buy PTA/BTA from Nigerian Banks
Knowing how to buy PTA/BTA from commercial banks in Nigeria means you are familiar with the requirements. There are conditions set in place by the CBN to ensure the money only goes into the hands of Nigerians who truly need the money for traveling purposes only.
Applicant must be 18+
Applicant must be a Nigerian.
Applicant must fly from Nigeria; flight tickets must show this.
Flight booking must be a return ticket.
Destination country must be at least 5hrs+ away from Nigeria by air.
Travel date must be within the next 2 weeks.
If flight schedule is changed, applicant must update the bank with this information.
Time limit for PTA is $4,000 quarterly.
Time limit for BTA is $5,000 quarterly.
Applicant’s passport must be stamped after each purchase.
PTA/BTA will not be sold to Nigerians travelling to blacklisted countries.
In case where beneficiary did not travel, PTA/BTA must be returned to the bank within 2 weeks.
How to Apply for PTA/BTA from Nigerian Banks
Make sure your Naira account is funded with the equivalent of the PTA/BTA needed.
Go to CBN’s Trade Monitoring System portal and register with BVN (individual) or TIN (organization).
Verify email with OTP sent to your email.
Login, fill required fields and upload required documents, i.e., admission letter (students only), visa page and flight ticket.
Select your preferred bank and branch to get PTA/BTA.
Click on Submit.
Visit chosen bank with Nigerian passport to collect PTA/BTA cash.
This is how to buy PTA/BTA from Nigerian banks. If you provide all necessary documents, it is the obligation of the bank to provide you with the needed cash in Dollars.
Specific Requirements to buy BTA from Nigerian Banks
Since BTA is for business travelers, there are certain conditions that must be met for this to be issued, they are:
An introduction letter from the applicant’s company stating purpose of travel. This must be signed and stamped.
Valid and current international passport of staff or director.
Invitation letter from business partner abroad.
CAC registration documentation.
Valid visa page.
Confirmed return ticket from Nigeria (must be within 2 weeks of travel).
With the steps outlined above, you can get your PTA/BTA as an individual and as a business person. Remember, presenting fake documents to get this is a punishable offense by law.
