CBN set to introduce new PTA policies

Following the continued depreciation of the Naira, the CBN and local banks shall now require tax clearance certificates from citizens who require Personal Travel Allowance (PTA).

In a meeting with chief executives of Nigerian banks, CBN revealed that it shall make PTA available as well as funds for school fees at N375 for $1. This can only be accessed after the provision of one’s BVN number and tax clearance. For payment of school fees, the dollar will be paid directly into the school’s accounts and must not exceed $15,000 per session while the student must also be at least 18 years old. To acquire PTA, the travel destination must not be less than five hours from Nigeria so for all the people who go to Ghana and buy PTA, the jig is up.

A source who communicated with Vanguard also revealed that these measures would also be extended to flight tickets to confirm that those who actually get their hands on the dollar are leaving the country and haven’t just bought fake tickets.

These measures have been met by widespread criticism by economic analysts who claim they shall lead to inefficient resource allocation amongst other issues.

Source: Vanguard