No concessionary FX rate for pilgrims – Emefiele

Godwin Emefiele CBN Governor

The Central Bank of Nigeria (CBN) has debunked claims in certain quarters alleging that intending pilgrims, for this year Hajj have been granted concessionary foreign exchange rate.

In a statement, the CBN Governor, Mr Godwin Emefiele stated that there was no preferential exchange rate of any sort to intending pilgrims.

He said that the laid down procedure was followed in arriving at the exchange rate for the pilgrims. “What is obtainable is that every year, prior to the commencement of the pilgrimage, the commission (both Christian and Muslims) approach the CBN to agree on the exchange rate for the personal travel allowance (PTA) for that particular year, which, in this case is between $750 and $1,000 per pilgrim” he explained.

He further explained that the agreement to sell foreign exchange to the pilgrims at the rate of N197 to the Dollar was reached as far back as April 2016 at the prevailing rate then.

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