CBN pegs PTA at $4,000 quarterly, School fees at $15,000 per term

Details of CBN guideline on school fees, Personal Travelling Allowance PTA and medicals emerged yesterday as banks started to intimate customers of the needed requirement to enable them buy foreign exchange to meet school fees, medicals and basic travelling allowance.
In the conditions spelt out in writing, applicants for Personal Travelling allowance must be 18 years of age and above. Such applicants must possess a Nigerian passport, have a bank account with the bank he/she intends to buy the PTA from.
According to the guideline, such applicant must have a bank verification number BVN, and the flight in which he/she intends to travel in must originate from Nigeria and involve not less than five hours flight. It further said that the travel date for which the PTA is being sought must be less than fourteen days from the day of the PTA purchase and that Personal travel allowance is pegged at $4,000 per quarter.
In the case of school fees, the guideline said that the remittance shall be made directly to the school’s account. Request for school fees purchase, the guideline said shall not be more than $15,000 per term/semester. Applicant for school fess must be recognised parents or guardians and must hold a bank account with the bank through which they intend to buy the foreign exchange from and must have a BVN number.
Nigerians applying for school fess for their wards, must present a duly completed Form “A”, a letter of admission from the school for which the payment will be made and an invoice from the school.