Despite FX Scarcity, Naira Plunging to $400/$, Pilgrims to Get Dollars at N197 – Thisday


Despite the shortage of foreign exchange in the country and continuing slide of the naira on the parallel market, the Central Bank of Nigeria (CBN) on Thursday announced the federal government’s approval of N197 to the dollar for intending pilgrims travelling for the 2016 hajj in Saudi Arabia.

The naira shed N10 yesterday to close at N400 to the dollar, compared to N390 to the dollar from the previous day.

The naira also fell on the interbank market closing at N315.06 to the dollar, lower than N311.03 to the dollar from the previous day.

The central bank, in a circular addressed to all authorised dealers and the general public, said each intending pilgrims would be entitled to purchase a minimum of $750 and maximum of $1,000 as Pilgrim Travelling Allowance (PTA).

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