Intending pilgrims for the 2015 Hajj are to get a minimum of US$750.00 and maximum of US$1,000.00 at a subsidized rate of N160 to the dollar, Central Bank of Nigeria (CBN) has said.
The Federal Government approved the subsidized exchange rate as Pilgrims’ Travelling Allowance (PTA) in a circular issued by CBN’s Director, Trade and Exchange Department, Olakanmi Gbadamosi, to authorized dealers in foreign exchange and the general public on Thursday, August 13, 2015.
However, pilgrims buying above US$1,000.00 will have to pay for the difference at the prevailing naira exchange rate to the US dollar on the day of purchase.
The circular with reference number “TED/FEM/FPC/GEN/01/016” was posted on CBN website with the title, “2015 Hajj operations: Purchase of Pilgrim Travelling Allowance (PTA)”.
The naira which traded at N224 on Tuesday steadied at N221 on Thursday, same as N221 it was sold on Wednesday against the dollar at the parallel market. This was after the CBN sold about $80million to Bureaux de Change (BDC) operators.
The hard currency was sold to the BDCs at N197, helping the naira to strengthen at the black market.
On the interbank market, the naira ended on Thursday at the bank’s pegged rate of N197 to the dollar.
The Apex bank said no commission shall be charged by 11 designated bank branches for sale of PTA to a total of 66,000 intending prigrims. The banks are: Union Bank plc.,Unity Bank plc.,Skye Bank Plc., Zenith Bank Plc., Diamond Bank Plc., Fidelity Bank Plc., First Bank Plc. Others are : Sterling Bank Plc., FIrst City Monument Bank, United Bank for Africa, and Keystone Bank.
The CBN said it shall sell the PTA to designated banks in Lagos and Abuja and the accounts of the respective banks shall be debited as soon as the funds are disbursed.
“Each designated bank is required to sell to the CBN the unutilized funds not later than two (2) weeks from the date of the last inward flight to Nigeria from the Kingdom of Saudi Arabia, while the accounts of the banks shall be credited promptly,” the circular read in part.
The approved schedule showing the distribution of pilgrims expected to perform the 2015 Hajj and the respective designated banks that will handle the sales of the PTA to the pilgrims in the Federal Capital Territory, states of the federation and the Armed Forces are contained in the circular.
It should be remembered that the Central Bank of Nigeria in August 2014 approved a purchase of $1,000 (then N150,000) as Personal Travel Allowance (PTA) for the 2014 Christian pilgrimage.
The Apex bank said at the time that $1,000 PTA would be for the pilgrims travelling to Rome or Greece, while those going to Israel would get $750 (then N112, 500).
It also said that the bank would allow the chairman or secretary of each state pilgrim’s board to collect the PTAs on behalf of each intending pilgrim.
The CBN had said that the collection would be based on presentation of the approved pilgrims’ list and valid passports of the pilgrims listed against the state.