Access Bank has slashed the amount of personal travel allowance and business travel allowance to $2000 per person from $4000 per person, with a maximum of twice annually per application.
This information was disclosed in an email sent by Access Bank to our correspondent.
The shortage of foreign exchange in the country has forced lenders to take drastic measures to meet their dollar obligations in recent times.
The letter read in part, “PTA and BTA requests are now processed a maximum of twice annually per application to the tune of $2,000 per application where the request is within 14 days of the travel date.”
“All applications are processed and disbursed subject to FX availability, proper documentation, and provided the account to be debited is sufficiently funded to cover the Form A charge and other processing fees.”
It added that customers should kindly ensure their account is sufficiently funded to accommodate the value of the transaction and charges at the time of processing, as any request not backed by an adequate account will be rejected and considered a new request upon re-submission.
Economic and financial analysts have advised the CBN to devalue the local currency with a view to bridging the gap between the official and parallel market rates of the naira.
