What You Need To Access Forex For PTA, School & Medical Fees


Nairametrics| The Central Bank of Nigeria has issued new guidelines for the documentation required to access Forex for Personal Travel Allowance, School and Medical Fees.

Here is a list of all the documents you will need and criteria before you can get Forex from banks along with an explanation notes.

SALES FOR PERSONAL TRAVEL ALLOWANCE

The following conditions shall henceforth apply for sales of PTA

  • Applicants shall be eighteen (18) years of age and above. – No forex for kids under the age of 18
  • Applicants/beneficiaries shall be holders of Nigerian PassportsMeans foreigners can’t access this market
  • Applicants shall be account holders in the chosen bankYou have to own a bank account in the bank you want to buy forex from
  • PTA shall only apply to journeys of not less than five (5) hours flight time.People traveling to places like Ghana or neighboring African West African do not qualify for a PTA. 
  • The flight must originate from NigeriaThis is a no brainier
  • Sale of PTA shall be for travel to be undertaken not more than 14 days from the day of the purchase of PTA.Means you can buy the forex within 14 days of your travel so you do not need to have a boarding pass.
  • Applicants shall present verifiable BVNs to their bankersThis can be a nutcase. The BVN certificate can be obtained from your bank. Make sure you get it before applying for Forex.
  • Applicants shall be entitled to $4,000.00 per quarterYou can only buy as much as $4,000 once every three months.

SALES FOR SCHOOL FEES

  • Applications shall be for University Education onlyMeans this is not for students who are in Secondary School
  • Remittances shall be made directly to the University’s account. – They won’t pay you the cash. it goes straight to the University. But what happens when the school refunds the money? Not sure they considered that.
  • Applications shall be for not more than $15,000.00 or its equivalent per term/semester. – Too bad if you go to a school that charges higher than this per Semester. Luckily, very few schools do.
  • Applicants shall be recognized parents/guardians. – Not for friends or brothers and sisters
  • Applicants shall provide their Bank Verification Numbers (BVN) to their bankers. – Same as above.
  • Applicants shall present the following:-
  1. Duly completed Form “A”.

ii.Valid tax clearance certificate of the applicant.

iii. Admission letter from the University.

iv.Invoice from the University.

 

 

 

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