• CBN Directs Banks to Sell Dollars to Intending Hajj Pilgrims at N197 to $1

    CBN Directs Banks to Sell Dollars to Intending Hajj Pilgrims at N197 to $1

    According to reports, Central Bank of Nigeria (CBN) on Thursday directed all banks and authorised forex dealers to sell dollars to pilgrims going for the 2016 Hajj at a concessionary exchange rate of N197 to the US dollar.

    The circular published on its website, titled TED/FEM/FPC/GEN/01/005 read in part:

    Each pilgrim is entitled to purchase a minimum of US$750.00 and maximum of US$1,000.00 as The Federal Government has approved that intending pilgrims are to be sold the Pilgrims Travelling Allowance (PTA) at […]