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CBN authorises banks to sell dollars to Hajj pilgrims @ N197

05 August 2016, 21:29

Abuja - 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.

Also read: CBN directs banks to accept cheques in savings account

“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….”

- News 24


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