UPDATE: U.S FINALIZES $20,000 VISA BOND POLICY AFFECTING NIGERIA AND 49 OTHER NATIONS. (PHOTO).

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 U.S Finalizes $20,000 Visa Bond Policy Affecting Nigeria and 49 Other Nations The United States government has officially formalized its visa bond policy, making it a permanent measure that could require travelers from 50 designated countries, including Nigeria, to pay a refundable bond of up to $20,000 before receiving certain visas. First introduced as a pilot scheme in 2025, the policy targets applicants seeking B1 and B2 visas, which are designated for business and tourism. According to the U.S. Department of State, the initiative is designed to bolster compliance with local immigration laws and drastically reduce visa overstay rates. How the Visa Bond Policy Works Under the permanent guidelines, U.S. consular officers have the discretion to instruct eligible applicants to post a bond as a prerequisite for visa issuance. However, U.S. authorities have clarified that the financial requirement will not be applied automatically to every traveler from the listed nations. Data anal...
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FX CRISIS: TRAVEL ALLOWANCES BY CASH NO LONGER PERMITTED- CBN. (PHOTO)

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 FX Crisis: Travel Allowances By Cash No Longer Permitted — CBN


In a move to solve the foreign exchange crisis in the country, the Central Bank of Nigeria (CBN) says Personal and Basic Travel Allowances will only be paid through electronic channels and not by cash.


The Director of Trade and Exchange Department at the apex bank, Hassan Mahmud, made this known in a circular dated February 14, 2024.


The circular titled, ‘Allowable Channels For Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA)’.


“Memorandum 8 of the Foreign Exchange manual and the circular with reference FMD/DIR/CIR/GEN/08/003 dated February 20, 2017, stipulate the eligibility criteria for accessing Personal and Business Travel allowances (PTA/BTA),” the circular partly read.


“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorised Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only. including debit or credit cards.”


The CBN directed all authorised dealers and the general public to note and comply accordingly.

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