CRAZY NIGERIAN DECISION| 2016 Hajj – CBN Authorises Banks to sell Dollars to Pilgrims at N197:$1.

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… .”

All Africa


One Comment Add yours

  1. First says:

    I rarely wade in but when an apocalypse is being made inevitable The man dies in him who remains silent …..
    Our collective sensibilities have been so assailed by the incompetent and heartless goons at the reins of policy and decision making and implementation that we now appear immune to the senseless cruel and unjustifiable inane policies emanating from government
    Is it cluelessness or mindless self serving hypocrisy that would elevate pilgrimage of no economic value above the thirsting industries that are the fulcrum of whatever economic reconstruction and surgery that we sorely need as we are clearly on life support as a nation
    Decency and dignity demands an immediate volte face and reversal of this flawed policy seeking to further subsidies the waste and inefficiencies that brought us here
    Pandering to a President who does not claim to be an economic expert and has put his blind faith in technocracy The least he deserves is men of mettle and Honour standing up and calling a spade a spade They will earn more enduring respect that the cheap laurels of servitude that accompanies hypocrisy
    Oh ! We had a country !


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