Nigerians have been reacting to the recent directive by the CBN to Banks to sell the Dollar which currently goes at N400 to Hajj Pilgrims for N197.
This, many Nigerians believe this is wrong considering what it could spell for Nigeria.
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.
Nigerian pilgrims leave the arrival hall of Mallam Aminu Kano International Airport shortly after their arrival from the muslim holy city of Madina recently. AFP PHOTO Hajj pilgrims 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….”