Bria Hays

Unfortunately, this means any Nigerian traveler who plans on swapping their Naira for USD, GBP, or EUR before traveling abroad is automatically at a loss because they have to do this exchange using the black market rates.

Thankfully, the Central Bank of Nigeria (CBN) allocates specific foreign exchange currencies for situations like this. So if you’re eligible for a travel allowance, you can swap your Naira directly from your bank at a lesser rate. In this article, we’ll show you how to do this.

If you’re traveling abroad, you can either apply for a personal travel allowance (PTA) or a business travel allowance (BTA). This is also available in any registered traditional bank in Nigeria.

You can get a PTA if you’re traveling as an international student or going on a vacation. However, you can only purchase up to $4,000 every quarter (90 days). BTAs are for executives traveling solely for business reasons and the limit is $5000 every quarter (90 days).

So if you have personal reasons for traveling abroad and you’re ready to apply for a PTA, here are the requirements

Once you have all of this available, you can now follow the steps to apply.

Fortunately, the entire application process is now online. Here’s how to go about it;

Also, keep in mind that the cost of this application is N5,000 and it’ll be directly debited from the account you entered in your application. Once you get a response, visit the bank with your international passport to pick up your request.

The requirements for a business travel allowance are a lot more rigid than a personal travel allowance. Here’s what you need to qualify for a BTA;

If you have all of these documents available, here’s how to apply for a business travel allowance online;

You’ll get a response within the next 14 days. Be sure to keep checking your portal within this period.

A lot of travelers get tempted to either upload fake tickets or other documents especially when they don’t meet all the criteria. However, this is a punishable offense by law. So we recommend preparing ahead of time.

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