Economy

CBN Tells Customers To Report Banks That Refuse To sell BTA, PTA

The Central Bank of Nigeria (CBN), on Wednesday night said it has reliably gathered that some banks in the country are turning back customers that come to purchase Business Travel Allowance (BTA), Personal Travel Allowance (PTA) and foreign exchange for pilgrimage.
A statement by the apex bank urged customers to approach their banks for forex reiterating its earlier assurance that it “has supplied enough dollars to the banks to meet needs in the invisibles segment.”
Affected customers were enjoined to report such banks that refuse “to attend to their legitimate demands within 24 hours.
“Please, call 07002255226. Isaac Okorafor, Acting Director, Corporate Communications,” the statement added.
Recall that the Bankers’ Committee, comprising chief executives of the nation’s banks and top officials of the CBN, chaired by the apex banks’ governor, Godwin Emefiele, had in its February meeting decided that bank should no longer charge commission on forex transactions for BTA and PTA and other invisibles.
Announcing the decision to newsmen after the meeting, Managing Director/Chief Executive, FSDH Merchant Bank Limited, Mrs. Hamda Ambah said: “It was agreed that the foreign exchange that banks sell to their clients for PTA, BTA, school fees and medical bills, that henceforth, all banks should charge N360/US$ and there would be no commission or whatsoever charged by the banks for such sales. We want to make sure that this is uniform across all banks. Customers should report any bank that goes outside of this.
“It has actually been N360 for a while, but some banks in addition were charging commission. The banks buy at N357 from the CBN.”
Also speaking at the event, Demola Shogunle, chief executive of Stanbic IBTC Bank said removing such charges was part of the bankers’ decision to be involved in the Federal Government’s Economic Recovery and Growth Plant (ERGP).
According to him, “Bankers’ Committee overwhelmingly agreed to be embedded in the programme. The banking community will participate actively to the extent that it will lead to job creation and additional investments in the economy.”

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