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.
Meanwhile, the naira hit 400 against the dollar on the black market while it traded at 315 on the official interbank market same day.
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.”