SAN FRANCISCO, August 05, (THEWILL) – The Central Bank of Nigeria, CBN, has directed banks and authorised forex dealers to sell dollars under the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1.
This was contained in a circular marked, TED/FEMFPC/GEN/01/005 from the apex banks to the Deposit Money banks.
“Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA,” the circular read.
“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.”
Story by David Oputah
