CBN mandates banks to sell dollars at N197 to 65,167 pilgrims

The Central Bank of Nigeria (CBN) has mandate Deposit Money Banks (DMBs) to sell dollars to 65,167 Nigerians at the rate of N197 to the greenback.

This is coming at a time, when the dollar officially trades N310 and N400 at the parallel and interbank market respectively.

In its circular, TED/FEMFPC/GEN/01/005, on 2016 hajj operations, the CBN says the federal government is making a concession for Nigeria’s 65,167 pilgrims.

“Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA,” CBN said in the circular signed by W.D. Gotring, the acting director of the bank’s trade and exchange department.

“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.”

CBN went on to say “each designated bank is required to sell to the CBN unutilised funds not later than two weeks from the date of the last inward flight to Nigeria from Jedda, while the accounts of the banks shall be credited promptly”.

CBN listed banks from the 36 states of the federations, who will handle the concession for pilgrims from the states, the armed forces and the National Hajj Commission of Nigeria (NAHCON).

The states with the highest number of pilgrims are Kano, Kaduna and Sokoto, with 5,808, 5,649 and 5,000 pilgrims respectively.

At, 65, 67, 67, 67, and 72 pilgrims, Cross River, Akwa Ibom, Abia, Imo and Anambra had the lowest number of pilgrims for the concession.