Some commercial banks have continued to sell to their customers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), indicating a shift in FX availability after a prolonged supply shortage.

The move came as financial institutions adjusted to market demands and the Central Bank of Nigeria (CBN) policy changes.

First Bank, the country's oldest financial institution, made known the resumption of FX sales for various international transactions.

According to the bank, customers can now access FX for PTA, BTA, Payment of school fees, medical bills and other authorized transactions under Form A.

It said that Form A applications, including school fees, student upkeep, PTA, BTA, and medical bills, must be processed via the CBN’s trade monitoring systems (TRMS) portal, with all needed supporting documents uploaded to ensure a seamless application process.

Experts say the shift aligns with the apex bank's policy adjustments over the past year to stabilise the FX market.

Early last year, the CBN directed International Money Transfer Operators (IMTOs) to quote FX rates for naira payouts based on the existing market prices, showing a move toward market rates.

In February, the apex bank removed inhibitions on the spread of interbank forex transactions and limits on the sale of interbank proceeds.

CBN also mandated that PTA and BTA payments be made via electronic channels to forestall round-tripping.