Accessing Foreign Exchange for PTA and School Fees
The Central Bank of Nigeria introduced new guidelines for the purchase of Forex for Personal Travel Allowance (PTA) on the 21st of February, 2017. This move tends to increase foreign exchange availability and the need to ease the difficulties faced by Nigerians in getting forex for some invisible transactions. The challenges of funding personal items, paying school fees, paying for medical bills, waiting on a tiring queue are reduced when one uses PTA. This can be got from authorized dealers and commercial banks. In acquiring a Personal Travel Allowance (PTA), the Form A document must be provided. Form A is an important document placed by the Central of Nigeria for applicants trying to obtain a PTA for payment of school fees and other personal trips. Here are what is needed to fill the Form A documents:
- The applicant’s details which include the name, bank code, bank branch, passport number, state code, city
- The beneficiary’s details which include the name, address, country, phone number, fax and email.
- Transport information such as the mode of transport, country of origin, country of supply, air ticked number, name of airline and route.
- Bank details such as financial designated bank, source of funds, currency code, exchange rate, total FOB value, proforma invoice number, proforma invoice date, payment mode, payment date and transfer mode.
- Service information such as service description, sectoral purpose and amount applied.
- Attachment details such the type of document, reference number and date.