CBN Directs Banks To Sell Dollars To Pilgrims At ₦197 For 2016 Hajj; Nigerians React
The Central Bank of Nigeria, CBN, has directed banks and authorized forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1. This directive was given in a statement sent to banks yesterday August 4th.
An excerpt from the statement reads:
“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.