Banks to customers: Return unutilised dollars or face sanction

Deposit money banks have asked their customers to return purchased Personal Travel Allowance/Business Travel Allowance (PTA/BTA) within two weeks from the date of purchase if not utilized for the intended purpose or the scheduled trip is cancelled.

Daily Trust investigation revealed that the mail became necessary following the surge that trailed the demand for foreign exchange (forex) as a result of the stoppage of CBN sales to Bureau de Change (BDC) operators.

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One of such mail seen by our reporter reads: “In line with the Central Bank of Nigeria’s (CBN) policy to improve access to foreign exchange (FX) for legitimate transactions, we are committed to providing you with foreign exchange for your Personal and Business Travel as well as payment for overseas education, medical and other eligible invisible transactions. As our valued customer, you have a role to play to ensure the success and integrity of the policy.”

The banks threatened that defaulters may face sanctions that include being barred from accessing forex from the official market in the future, restrictions on their bank account for such periods as may be determined by the CBN as well as possible criminal prosecution.

They listed the conditions for accessing forex.

“You are required to provide a valid Nigerian passport and a valid visa to an international destination.

“Your ticket must be to an international destination outside of West Africa and Cameroun. You are required to provide an international return ticket, with a travel date not more than 14 days from the date of PTA/BTA purchase.

“PTA and BTA requests are limited to a maximum of $4,000 and $5,000 per quarter per applicant respectively,” they said.

The banks also warned against applying on behalf of a third party.

They added that forex would only be sold directly to applicants who shall be Nigerians who are 18 years and above and have a valid Bank Verification Number (BVN).