CBN approves $16,000 PTA per year and $15,000 per semester for students

Chidi Samuel|| Following the release of an enhanced forex policy regime by the Central Bank of Nigeria (CBN) earlier on Monday, the Apex bank says every Nigerian, 18 years or older, is entitled to $4,000 per quarter of $16,000 per year for personal travel allowance (PTA).

The disclosure was contained in a circular by Mr. Alvan Ikoku, CBN director of financial markets department.

According to him, “PTA shall only apply to journeys of not less than five hour flight time”, with the flight originating from Nigeria.

The Apex bank also stated that for an individual to qualify for PTA, such applicant shall present a tax clearance certificate, a Nigerian passport, and bank verification number (BVN).

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For school fees payment, Nigerians can get as much as $15,000 per semester for university education only and the funds will be paid directly by the bank into the University’s account, based on presented invoice and valid admission letter.