CBN order banks to sell dollar at N197 to pilgrims as parallel rate hits N400

The Central Bank of Nigeria, CBN, on Thursday, directed banks and authorized Forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1.

This was contained in a circular on Thursday marked TED/FEMFPC/GEN/01/005.

According to CBN, “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”.

Meanwhile, the Naira dipped to N400 to $1 yesterday at the parallel market.

The greenback had exchanged for N390 (parallel) at close of business on Wednesday.

After closing at around N378 against the dollar for most part of last week, the naira dropped to 380 on Friday before falling to 382 on Monday.

The currency closed at 315.06 (official) to the United States dollar at the interbank market on Thursday.