Once more, First Financial institution adjustments PTA, BTA coverage for varsity payment, maintenance

First Financial institution of Nigeria (FBN) has once more reviewed its Private Journey Allowance (PTA) and Enterprise Journey Allowance (BTA) insurance policies, in a transfer to regulate to greenback shortage affecting industrial banks in Nigeria.

The financial institution said in a memo titled ‘Necessary Replace on FX’ and despatched to prospects on Thursday that processing of cost of faculty charges overseas will now take at the very least 60 days.

Whereas the financial institution maintained the utmost quantities for varsity charges and maintenance at $15,000 and $3,000, respectively, it said that it’s going to take 60 days to course of each funds after the Kind A doc is offered at any of its branches.

“Going ahead, a minimal of 60 days is required in processing faculty charges, following the submission of Kind A paperwork on the department. That is topic to a most of $15,000 per semester, with a restrict of two semesters per session,” the memo by First Financial institution learn.

“Software for Repairs requires a minimal of 60 days for processing, topic to a most of $3,000 (or its equal in different currencies) per Semester (restricted to 2 semesters per session). Proof of cost of faculty charges for the present session might be required if charges weren’t paid by FirstBank,” the assertion added.

The financial institution, nevertheless, careworn that “all PTA/BTA purposes, together with the permitted Kind A, are filed on the department precisely 14 days earlier than your required journey date,” stressing that gross sales are restricted to 2 quarters per 12 months.

The change represents a considerable departure from the financial institution’s preliminary 30-day restrict for processing faculty charges and maintenance in September.

In September, First Financial institution said that prospects should submit their request for onerous foreign money for the cost of faculty bills abroad at the very least 30 days upfront.

The newest change in First Financial institution’s FX insurance policies comes as President Muhammadu Buhari’s regime continues to take determined measures to cease the nation’s foreign money from falling additional.

Recall that the Buhari regime introduced plans in October to section out increased denominations of the present naira notes in circulation, with a deadline of January thirty first to fully section out the present notes in circulation.