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    SUNU Assurances Directors Approve ₦9.34 Billion Rights Issue to Existing shareholders

    SUNU Assurances Directors Approve ₦9.34 Billion Rights Issue to Existing shareholders

    Access Bank’s Bidvest Bank Acquisition Lapses as Deadline Expires

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    NNPC acquires equipment to build 40 CNG filling stations

    President Tinubu Cancels $1.42 Billion, ₦5.57 Trillion NNPCL Debt

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    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

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    Universal Insurance Shareholders Approve Capital Raise of Up to ₦15 Billion at EGM

    Universal Insurance Shareholders Approve Capital Raise of Up to ₦15 Billion at EGM

    SUNU Assurances Directors Approve ₦9.34 Billion Rights Issue to Existing shareholders

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    ​Tantalizers Plc reports N25.9 million loss in Q2 2025

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    Lafarge Africa Expands Gombe and Sagamu Plants to 5.5MT Capacity

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    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    Fortis Global Insurance Returns to NGX Trading Floor After 6-years Suspension

    CEO of Ecobank Group to retire, new CEO announced

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    SUNU Assurances Directors Approve ₦9.34 Billion Rights Issue to Existing shareholders

    SUNU Assurances Directors Approve ₦9.34 Billion Rights Issue to Existing shareholders

    Access Bank’s Bidvest Bank Acquisition Lapses as Deadline Expires

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    MTN Group Advances Talks to Buy remaining  75% Stake in IHS Towers for $2.76B

    MTN Group Advances Talks to Buy remaining 75% Stake in IHS Towers for $2.76B

    NEIMETH lists additional 2.37 billion shares on NGX

    Neimeth Seeks NGX Approval for ₦4 per share Rights Issue as Shares Trade at ₦10.10

    FIRS, JTB begin ‘full scale enforcement’ on tax defaulters

    Individuals must file tax returns by March 31; employers, January 31 – Oyedele

    Anambra to begin payment of new minimum wage.

    Soludo Introduces Mandatory Attendance Registers in Anambra Markets Amid One-Week Onitsha Closure Over Sit-at-Home

    Anambra to begin payment of new minimum wage.

    Soludo Shuts Onitsha Market for a Week Over Adherence to Monday Sit-at-Home

    NNPC acquires equipment to build 40 CNG filling stations

    President Tinubu Cancels $1.42 Billion, ₦5.57 Trillion NNPCL Debt

    Terrorists attack presidential guards in Abuja after threat to abduct Buhari

    FG Confirms U.S.-Backed Airstrikes on Terrorists Targets in Sokoto State

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    • Africa
    • World
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    • All
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    NNPC acquires equipment to build 40 CNG filling stations

    President Tinubu Cancels $1.42 Billion, ₦5.57 Trillion NNPCL Debt

    Dangote Refinery will supply first product to market by July – Dangote

    Why Made in Nigeria Cement Is Cheaper Abroad – Dangote

    Dangote refinery set to import Crude oil from Brazil

    Dangote Refinery Cuts Petrol Price to ₦699 per Litre

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    CBN Rolls Out New Cash Rules, Sets Fresh Withdrawal Limits for 2026

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Headline Inflation in Nigeria rose to 22.04% in March

    Nigeria’s inflation eases to 16.05% in October 2025

    President Buhari hikes Petrol Price to N212 per litre through the PPPRA

    Federal Government suspends 15% import tax on imported petrol

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    • Policies
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    • Economic Data
  • Business
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    • Companies
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    Universal Insurance Shareholders Approve Capital Raise of Up to ₦15 Billion at EGM

    Universal Insurance Shareholders Approve Capital Raise of Up to ₦15 Billion at EGM

    SUNU Assurances Directors Approve ₦9.34 Billion Rights Issue to Existing shareholders

    SUNU Assurances Directors Approve ₦9.34 Billion Rights Issue to Existing shareholders

    ​Tantalizers Plc reports N25.9 million loss in Q2 2025

    Tantalizers Plc Secures ₦2bn Equity Investment as Entertainment Bet Gains Momentum

    Access Bank’s Bidvest Bank Acquisition Lapses as Deadline Expires

    Access Bank’s Bidvest Bank Acquisition Lapses as Deadline Expires

    Transcorp Power Grows Profit, Revenue Surges to ₦308.5bn in Q3 2025

    Transcorp Power Plc Declares ₦5.50 per Share Dividend Along Strong FY 2025 Performance

    MTN Group Advances Talks to Buy remaining  75% Stake in IHS Towers for $2.76B

    MTN Group Advances Talks to Buy remaining 75% Stake in IHS Towers for $2.76B

    NEIMETH lists additional 2.37 billion shares on NGX

    Neimeth Seeks NGX Approval for ₦4 per share Rights Issue as Shares Trade at ₦10.10

    Aradel Holdings Plc Profit Surge in 2025 Amid  Acquisitions

    Aradel Holdings Plc Profit Surge in 2025 Amid Acquisitions

    Lafarge Africa Expands Gombe and Sagamu Plants to 5.5MT Capacity

    Lafarge Africa Expands Gombe and Sagamu Plants to 5.5MT Capacity

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    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    Fortis Global Insurance Returns to NGX Trading Floor After 6-years Suspension

    CEO of Ecobank Group to retire, new CEO announced

    Ecobank Lists Additional 5.3 Billion Ordinary Shares on NGX

    Greif Nigeria Plc nears final stage of its voluntary liquidation process

    Greif Nigeria Plc Completes Liquidation, Shareholders Receive Final ₦9 Per Share Payout

    Again DMO offers N360 billion FGN bond for February

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    Fidson Healthcare Announces N21 Billion Rights Issue to Boost Capital Base

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    Wema Bank Plc rights issue opens for subscription

    Wema Bank Plc lists 4.5 billion new shares offered through private placement

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    How does family of 6 survive with income of N250,000 a month

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    Trump wins a resounding victory in first Republican primary in Iowa

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

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    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Banks slash travel allowance, foreign school fees over dollar shortage

Thursday, 16 March 2023, 6:12 am
in News, Nigeria
0
CBN directs banks to publish names and BVN of Forex policy defaulters
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Nigerian banks have slashed the amount of dollars for Personal Travel allowance (PTA) and Business Travel Allowance (BTA) by 50 per cent amid worsening foreign exchange crisis in the country.

Personal Travel allowance (PTA) was slashed by some banks from $4000 to $2000 and overseas school fees payment from $15,000 to $7,500 per semester.

The processing time for accessing Foreign Exchange (FX) for international school fees was reviewed upwards to 120 days from 48 hours.

In an email to the customers, the lender disclosed that the new allocation would be given to applicants twice per year as long as they fulfilled some requirements, including applying for foreign exchange requests within 14 days of the travel date.

First Bank in its notification wrote: “In view of the limited FX supply in the industry, kindly note payment of PTA/BIA IS subject to a maximum of $2,000 and two quarters in a year.

“Application for upkeep is subject to a maximum of $1,500 (or its equivalent in other currencies) per semester and limited to two semesters per session.”

“Payment of school fees is subject to a maximum of $7,500 or its equivalent in other currencies per semester and limited to two semesters per session.

“A minimum of 16 weeks is required for processing school fees and upkeep/maintenance, after the submission of documents along with the approved Form A at the branch.

“Application for Form A for school fees, student upkeep and PTA/BTA, must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) and must be in line with regulatory requirements.”

It added that customers’ “requests will continue to be treated on a first come, first served basis, subject to the availability of FX.”

Also in a message to its customers, Access Bank said: “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.”

In another development Foreign airlines trapped funds of foreign airlines have peaked $743,721,097 from $662m in January 2023, the International Air Transport Association has said.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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