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.

How to Pay for Goods and Services that Cost above 100 usd from Nigeria

$100 is the highest amount of money used to purchase goods and services abroad in a month if you are using the ATM cards, under the directive of the Central Bank of Nigeria. Are you wondering how to exceed this limit? Read on the different ways to pay for goods and services above 100usd from Nigeria as discussed in this post. Look for the one that most suits you.

Domiciliary Account: How It Works

Domiciliary account is a bank account in Nigeria that is operated in foreign currency, i.e. a currency other than naira. The account allows you save money in US Dollars, Pounds Sterling, Euro and other currencies with your money valued at the prevailing exchange rate. Below contains requirements for GT Bank and First Bank, Nigeria:

The information needed to open a GT bank domiciliary account is provided below: