CBN Orders Banks To Sell Dollar At N197 To Pilgrims


According to the Central Bank of Nigeria (CBN), pilgrims for this year’s Hajj will access dollar at an 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 sell 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.

Each designated bank is required to sell to the CBN the unutilised funds not later than 2 weeks from the date of the last inward flight to Nigeria from Jedda, while the accounts of the banks shall be credited promptly.

The approved banks for the exercise are Union Bank, Unity Bank, United Bank for Africa, First City Monument Bank, Sterling Bank, GTBank, Sterling Bank, Skye Bank among others,” he said.

SEE ALSO: Buhari Approves 65 Percent Waiver On Taxes For Christian Pilgrims