BANKS REDUCE TRAVEL REIMBURSEMENT AND INTERNATIONAL TUITION DUE TO A LACK OF DOLLARS

Due to a lack of dollars, Deposit Money Banks and DMOS reduced the amount of Personal Travel Allowance, PTA, and school fees on Tuesday, bringing bad news to Nigerians.

Lenders have been compelled to take extreme measures in order to fulfill their dollar obligations due to Nigeria's deteriorating economy and severe foreign exchange scarcity.

Commercial banks have kept coming up with ways to assist control the generally unsteady international market.

The most recent move by DMBS was to reduce the PTA that its clients may request for from $4,000 to $2,000 on Tuesday.

Also, lenders reduced the $15,000 per semester payment for international school tuition to $7,500.

Moreover, banks increased processing times to a minimum of six weeks.

"Payment of PTA/BTA is subject to a maximum of $2,000 and two quarters in a year, while funds will be paid within the week of the trip. Customers are encouraged to apply for PTA/BTA some weeks before their trip.

"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", an email from a commercial bank read.