CBN sells forex to pilgrims at N197

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Intending Pilgrims for this year Hajj will access dollar from the Central Bank of Nigeria (CBN) at a concessionary exchange rate of N197 to dollar.

A circular to all authorised dealers signed by CBN Acting Director, Trade and Exchange, W.D. Gotring, said each pilgrim is entitled to purchase a minimum of $750 and a maximum of $1,000 as Personal Travel Allowance (PTA).

“The Federal Government has approved that intending pilgrims are to be sold the PTA at a concessionary exchange rate of N197 to the dollar. No commission shall be charged by the banks for the sale of PTA to the intending pilgrims” he said.

He explained that the CBN 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.

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