Banks and Forex dealers in Nigeria have been instructed to sell the US Dollar to intending pilgrims at the rate of N197 to $1.
The Central Bank of Nigeria, CBN, gave this directive on Thursday.
The country’s apex financial institution said those travelling for the 2016 Hajj in Saudi Arabia later this month and want the Pilgrims Travelling Allowance, PTA, must not buy the Dollar for more than N197.
At the parallel market, fondly called black market on Thursday, the Naira exchanged for N400 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. 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,” the CBN said in the circular.