National & Local News Today
Amid Dollar Scarcity, Banks Slash Customers’ Personal Traveling Allowance, Foreign School Fees by 50%
Nigerian banks have slashed customers’ Personal Travel Allowance, PTA and school fees by a whopping 50%.
Slash in Personal Travel Allowance comes even as Nigerians continue to battle dollar shortage in the country.
Amid scarcity of Naira orchestrated by the CBN re-design policy, Nigerians unhappy over the slash in Personal Traveling Allowance (PTA), ENigeria Newspaper reports.
The worsening economy and shortage of Foreign Exchange in Nigeria have forced lenders to take drastic measures to meet their dollar obligations.
Commercial banks have continued to devise means to help manage the relatively unstable foreign market.
Nigerians woke up to not-too-good news on Tuesday as Deposit Money Banks and DMOs have pruned down the amount of Personal Travel Allowance, PTA and school fees due to dollar shortage.
The latest action by DMBs on Tuesday was to slash the PTA their customers can apply for from $4,000 to $2,000.
According to Dailypost, banks also cut overseas school fees payment from $15,000 to $7,500 per semester.
The banks also raised their processing time to a minimum of six weeks.
“Payment of PTA/BTA is subject to a maximum of $2,000 and two quarters in a year, while funds will be paid within the week of the trip. Customers are encouraged to apply for PTA/BTA some weeks before their trip.
“Application for upkeep is subject to a maximum of $1,500 (or its equivalent in other currencies) per semester and limited to two semesters per session”, an email from a commercial bank read.