CBN says this approval was made by the federal government
Adds that no commission shall be charged for sale of PTAs
Nigerians traveling to Saudi Arabia for the hajj pilgrimage will get their dollar at the rate of N197/$, the Central Bank of Nigeria (CBN) has announced.
According to Vanguard, the apex bank in Nigeria directed the banks and other ‘authentic’ foreign exchange dealers to sell the Pilgrims Travelling Allowance (PTA) to pilgrims at a concession.
CBN, in a circular passed on Thursday, August 4, 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 sale 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.”
This new development will come as a relief to travelers after it emerged on Thursday evening that the dollar reached an exchange rate of N400, the lowest rate ever since the introduction of the flexible exchange rate policy.
The Naira which had crashed to N390/$1 on August 3, dropped a shocking 10 point on August 4, to slip further down.
According to sources, the British pounds now exchanges for N510/£1, while the Naira is sold at N425 to one Euro.
Meanwhile, the emir of Kano, Muhammad Sanusi II has revealed that the payment of fuel subsidy was an opportunity to enrich some people at the expense of the country.
Sanusi who served as governor of CBN during the administration of Goodluck Jonathan, revealed that the whole fuel subsidy payment was a scam as it was presented to favour the poor when actually it was enriching some people.
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