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Thursday, March 23, 2023

Dollar shortage: Banks slash travel allowance, foreign school fees

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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 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.

The latest action by DMBs on Tuesday was to slash the PTA their customers can apply for from $4,000 to $2,000.

Also, lenders 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.


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