The Central Bank of Nigeria, CBN 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.
In a circular issued on Thursday, August 4, 2016 the Central Bank announced that the federal government of Nigeria had approved that pilgrims be sold a maximum of $1,000 and minimum of $750.
“Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA,” the CBN circular said.
“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 sell 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.”
