Pilgrims paid for forex before latest adjustments–CBN

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Tuesday said there has been an agreement with the Pilgrim’s Commission to sell the dollar at 197 Naira long before the latest adjustments.

Mr Emefiele added that the pilgrims had made advanced payments for the exercise.

The CBN had on Thursday directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of 197 Naira to a dollar.

“Each pilgrim is entitled to purchase a minimum of $750 and maximum of $1,000 as PTA.

“The Federal Government has approved that intending pilgrims are to be sold the PTA at a concessionary exchange rate of 197 Naira to the US dollar.

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