Nigeria TV Info CBN Relaxes PTA, BTA Rules as Travellers Get Fresh Dollar Cash Access from June 1

The Central Bank of Nigeria has announced a partial relaxation of its foreign exchange policy on Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), allowing eligible travellers to access part of their forex allocation in physical US dollar cash starting from June 1, 2026.

Under the revised policy contained in the 4th Edition of the Foreign Exchange Manual, travellers will now receive 25% of their PTA and BTA in cash dollars, while the remaining 75% will continue to be disbursed electronically through debit or credit card channels.

The move marks a shift from the strict cashless directive introduced in 2024, which required all PTA and BTA transactions to be processed entirely through electronic platforms as part of efforts to improve transparency and curb foreign exchange abuses.

According to the CBN, the updated framework aims to reduce operational bottlenecks, improve efficiency for authorised dealers, and align Nigeria’s FX market with international best practices.

The revised FX manual also introduces additional reforms, including:

• Increasing advance import payment limits from 15% to 30%
• Free processing of Form NXP
• Easier PAPSS transaction processing
• Removal of Form A requirements for domiciliary remittances
• Unrestricted access to domiciliary account funds
• Tuition fee payments of up to $25,000 per semester for students studying abroad

CBN Governor Olayemi Cardoso said the reforms are designed to strengthen investor confidence, modernise Nigeria’s foreign exchange administration, and improve market transparency.

Financial analysts believe the latest adjustment reflects the apex bank’s attempt to balance digital payment objectives with the practical cash needs of Nigerian travellers amid ongoing FX market reforms.