Get CHEAP Forex Online – Summary of the New CBN PTA Policy

For those that are not aware, Personal Travel Allowance (PTA) is the foreign currency Nigerians can get when travelling out of the country on personal trips at approved Central Bank of Nigerian (CBN) rates. In this article, we shared a little secret with you – Get CHEAP forex for travel in 5 simple steps – What BDC Operators don’t want you to know.

On November 30 2021, CBN replaced the physical Form A for the application for Personal Travel Allowance (PTA) with an electronic Form A, through the Trade Monitoring System.

Here, we summarise the new policy for you!

Basics

1. Each applicant is entitled to $4000 per quarter;
2. Applicants must be at least eighteen (18) years old and hold a valid Nigerian International Passport;
3. Applicants must have a valid visa of the country they intend to visit;
4. Applicants must have a return air ticket (not less than 5 hours flight time, originating from Nigeria); and
5. The trip has to be undertaken not more than 14 days from the day of purchase of the PTA.

Procedure

If you meet the basic criteria, then you can:

1. Go to the Trade Monitoring System Applicant Portal and enter your BVN to sign up;
2. You will receive a One Time Password (OTP) via your registered email address;
3. Enter your OTP and create a password. You will receive another email with a link, which you will use to activate your account;
4. Log in with your email address and the password you created. You will be asked to input another OTP sent to your email address;
5. Fill out the form and provide necessary details like Flight Ticket, Visa and Passport Data Page;
6. Choose your preferred bank and branch and submit your application.

Once your application is approved, you can go to the selected bank, have your passport stamped and collect your cash.

Good to know

1. Your account should be sufficiently funded with the Naira equivalent of the forex you intend to purchase;
2. There is a Five Thousand Naira (N5000) application fee;
3. If you reschedule your trip, you must update the bank with the relevant information; and
4. If you cancel your trip, you must return the PTA within two weeks of purchase.

That’s it! Enjoy your trip!