The Central Bank of Nigeria (CBN) has announced an immediate end to the payment of Personal and Basic Travel Allowances through cash, stating that only electronic channels are now allowed.
The Director of Trade and Exchange Department at the apex bank, Hassan Mahmud, made this known in a circular, explaining that the move is to solve the foreign exchange crisis in the country.
The CBN directed all authorised dealers and the general public to note and comply accordingly, noting that flagrant disobedience to the policy will attract severe consequences.
The move follows inquires by the senate into the activities of the apex bank in controlling inflation and the value of the Naira in the face of economic hardship.
