FOREX: How to request for PTA/BTA transactions in banks

 Following the new policy of the central bank of Nigeria (CBN) to conclude a Personal travel allowance (PTA) and business travel allowance (BTA) within 24hours, below is the new process as seen from commercial banks:

1. Customer, who is an account holder, requests for PTA/BTA at bank branch
2. Provide all necessary document
3. Provide a written application
4. Customer fills out PTA/BTA form
5. For PTA, bank uploads PTA form, Irrevocable bid form, valid visa, ticket, biodata page of International passport to global trade
6. For BTA uploads PTA form, Irrevocable bid form, valid visa, ticket, biodata page of International passport, Certificate of Incorporation, Instruction to buy BTA on letter head to global trade
7. Branch opens a CASA account for customer. Account code will be advised
8. (only for this purpose)
9. Trade Standard Invisibles prints documents from portal
10. Trade Standard Invisibles checks documents and if in order, advices branch to proceed otherwise rejects
11. If documents in order, branch debits customer’s naira account and credits the CASA account opened for the customer, endorses passport, pays customer and sends endorsement page to Trade Standard Invisible team
12. Dr. Customer naira account
13. Cr. Customer CASA naira account
14. Branch disburses to customer
15. If documents not in order, branch advises customer to provide correct and valid document
16. Trade Standard Invisibles debits the CASA account and FX sales is done on Kastle
17. Trade Standard Invisibles settles on Kastle and credits the branch’s GL with dollars/pounds

CHECK OUT THESE INTERESTING STORIES:

• Energy for Africa: AfDB to invest $12b in Nigeria, others
• Ecobank seeks to appeal ruling in bankruptcy case against Otudeko
• Super Eagles camp opens in London for matches against Burkina Faso, Senegal
• Despite recession, Vitafoam records 110% rise in profit
• Adeosun says Disbursement Of Paris Club Refunds Transparent
• Lawmakers move against crooked oil companies’ CEOs
• Ecobank chief says lender on path to leadership
• Airtel Offers Support To Paraplegic Father of Two on Touching Lives