What is more important to Nigeria at this point, pilgrims or dying businesses? What is significant about this artificial peg? I was of the opinion that CBN had removed itself from artificially influencing the exchange rate. Why must a government be involved in Hajj or Jerusalem or any religious festivals for that matter? CBN has purposely created a loophole that will certainly be exploited for years to come because Hajj will no longer come to an end. What a crazy decision. – Jide Salu
The Central Bank of Nigeria, CBN, on Thursday, directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1.
In a circular on Thursday, marked, TED/FEMFPC/GEN/01/005, the CBN said: “Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA. The Federal Government has approved that intending pilgrims are to be sold the PTA at a concessionary exchange rate of N197.00 to the US dollar.
“No commission shall be charged by the banks for the sale of the 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… .”