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Business & Finance

CBN Orders Banks To Sell Dollars at N197 To Pilgrims

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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. “No commission shall be charged by the banks for the sale of the PTA to the intending pilgrims.

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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….”

As at today (Friday), the naira had declined to N400 to the dollar at the parallel market and there are signs that it would depreciate further as there is no liquidity on the inter-bank market.

Copy of Circular:


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