The Federal Government, through the Central Bank of Nigeria (CBN), has approved a concessionary exchange rate of N160.00 to the US dollar, for the 66,000 pilgrims undertaking this year’s Hajj.
According to a statement by the CBN, entitled, “2015 Hajj: Purchase of Pilgrims Travelling Allowance (PTA)”, signed by the Director, Trade and Exchange Department, Mr. Olakanmi Gbadamosi, each pilgrim is entitled to a minimum of $750 and a maximum of $1,000.
The CBN said that the approved exchange rate is, however, for PTA that is between $750 and $1,000 adding that, “for Pilgrims buying above $1,000 the difference shall be bought at the prevailing naira exchange rate to the dollar on the day of purchase.”
The exchange rate of the naira to the dollar on the Interbank Official Market (IFEM) and the parallel market is currentlyN199 and N221 respectively.
The regulator also stated that funds that are not utilized by the pilgrims should be sold to the CBN, not later than two weeks from the return of the pilgrims.
As the apex bank put it “Each designated bank is required to sell to the CBN the unutilized funds not later than two weeks from the date of the last inward flight to Nigeria from the Kingdom of Saudi Arabia while the accounts of the banks shall be credited promptly.” It emphasised that no commission shall be charged by the banks for the sale of PTA to the intending pilgrims.
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