Banks Cut Travel Allowance, foreign school fees Amid Dollar Scarcity in Nigeria
On Tuesday, Nigerians got the news that was anything but positive: due to a shortage of the US Dollar in Nigeria, Deposit Money Banks (DMBs) and DMOs are reducing their customers’ amount of Personal Travel Allowance (PTA) and school fees overseas.
To help manage the fragile foreign exchange market, banks have decided to decrease PTA from $4,000 to $2,000 and lowered semester school fees from $15,000 to $7,500 per semester.
Furthermore, applications for funds must be lodged several weeks before the trip occurs and the processing time is at least six weeks.
The maximum amount that can be applied for PTA/BTA is two trips a year totalling up to $2,000 while upkeep funds are capped at a max of $1,500 (or its equivalent in other currencies) per semester and limited to two semesters per session.
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