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 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….”
END
Oga Jimi, pls publish the Circular. If not, I won’t believe this.
i agree with you
Arrant nonsense! This is the same CBN that made it difficult for parents to get forex to pay sch fees for children in school abroad. The same CBN is now authorizing banks to sell dollars to people on pilgrimage to Mecca at $197. How else do you describe a country with misplaced priorities? What is the economic benefit of mecca trip? Religion is a personal thing and should not be used to flog our economy. Whoever gave this directive got it all wrong and should know that this is a disservice to some Nigerians. Those going to mecca are doing so for their personal benefit and not for the country. I approached the banks to purchase a basic trace allowance to trace abroad on vacation but was told they no longer do it. I was left with the only option of buying from the BDC at the rate of 375Naira to a dollar. Yet it’s easy for CBN to now instruct banks to sell to people going to mecca on vacation for sight-seeing. It is sickening and it smacks of marginalization of certain people. This is the kind of attitude that makes people agitate for self-actualization. It is very very unfair and unjust.
This is junk and insane. An economy in critical need of fx to fund manufacturing companys is subsidizing pilgrims to mecca!!! Hard earned dollar given the circumstances at the moment! This administration is a junk one!!!
This is no government this same government cancelled medical and international school fees where are we heading to APC u have totally failed d country u go after what favour ur family Mrs finance minister just resign ur reputation is at stake