CBN directs banks to sell dollars to pilgrims at N197 for 2016 Hajj

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.
The statement reads in part
“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….”