The Central Bank of Nigeria (CBN) has assured Nigerians that they can still purchase foreign exchange for Personal and Business Travel Allowances (PTA/BTA) through their commercial banks, despite concerns over forex availability.
In a recent circular, the CBN reminded the public that travel-related forex purchases remain accessible, with transactions to be conducted at the market-determined exchange rate. This means travelers can buy dollars for personal or business purposes, but the rate may vary based on market conditions at the time of the transaction.
The CBN emphasized that all legitimate transactions must be completed within the Nigerian Foreign Exchange Market (NFEM). However, some Nigerians remain unaware of this option, preferring the parallel market for its ease and fewer documentation requirements.
In a related move, the CBN granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly from the NFEM, to cater to the seasonal demand during the holiday period. This policy, which runs from December 19, 2024, to January 30, 2025, is expected to ease the pressure on forex access.
