The Central Bank of Nigeria has instructed all approved banks to discontinue the distribution of cash for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
The processing of these allowances is now required to be conducted through electronic means, specifically through debit cards or credit cards.
The CBN said the step was taken in an effort to promote honesty and stability in the foreign exchange market and prevent unethical foreign exchange activities.
Dr. Hassan Mahmud, Director of the Trade and Exchange Department who signed the directive said the the move was also aimed at curbing any fraudulent or improper practices related to forex.
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