April 18, 2024

CBN orders banks to stop cash payment of PTA, BTA

 

The Central Bank of Nigeria (CBN) will no longer allow cash for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA).

 

CBN disclosed this on Thursday, in a circular titled ‘Allowable Channels For Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’.

 

In the notice signed by Hassan Mahmud, its director of trade and exchange department, CBN said banks are to stop the payment in cash and adopt electronic transfers.

 

According to CBN, the new move is to ensure stability and promote transparency.

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