CBN Directs Banks to Sell Dollars to Intending Hajj Pilgrims at N197 to $1

The Central Bank of Nigeria (CBN) on Thursday directed all banks and authorised forex dealers to sell dollars to pilgrims going for the 2016 Hajj at a concessionary exchange rate of N197 to the US dollar.

The circular published on its website, titled TED/FEM/FPC/GEN/01/005 read in part:

Each pilgrim is entitled to purchase a minimum of US$750.00 and maximum of US$1,000.00 as The Federal Government has approved that intending pilgrims are to be sold the Pilgrims Travelling Allowance (PTA) at a concessionary exchange rate of N197 to the US dollar.

No commission shall be charged by the banks for the sale of PTA to the intending pilgrims. The Central Bank of Nigeria shall sell the PTA to the designated banks in Lagos and Abuja and the accounts of the respective banks shall be debited as soon as the funds are disbursed.

Each designated bank is required to sell to the CBN the unutilised funds not later than two (2) weeks from the date of the last inward flight to Nigeria from Jedda, while the accounts of the banks shall be credited promptly.

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