FG Approves Exchange rate of N160/$1 for the Purchase of Pilgrims Travelling Allowance

Forex
7113 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Thursday, August 13 2015/ 05.18 PM / CBN 


Authorized Dealers and the general public are hereby notified of the following arrangements for 2015 Hajj operations:

1.       Each pilgrim is entitled to purchase a minimum of US$750.00 and maximum of US$1,000.00 as PTA. The Federal Government has approved that intending pilgrims are to be sold the US$750.00 at a concessionary exchange rate of N160.00 to the US dollar.

2.      For pilgrims buying above US$1,000.00, the difference shall be bought at the prevailing Naira exchange rate to the US dollar on the day of purchase.

3.      No commission shall be charged by the banks for the sale of PTA to the intending pilgrims.

4.      CBN 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 funds are disbursed.

5.      Each designated bank is required to sell to the CBN the unutilized funds not later than (2) weeks from the date of the last inward flight to Nigeria from the kingdom of Saudi Arabia, while the accounts of the bank shall be credited promptly.

6.    The approved schedule showing the distribution of the 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(FCT), States of the Federation and the Armed Forces is as stated below for guidance.


 

Please ensure compliance accordingly.

 


Related News 

1.       List of approved branches for commencement of PTA and BTA Sales

2.    CBN Will Meet FOREX Demand for Eligible Invisible Transactions

3.      PTA /BTA Sales and Review of Intl Spending Limits on Naira MasterCard

4.      CBN Prohibits Foreign Currency Cash Deposits into DMBs

5.      Naira gains at the parallel market: A dollar in hand or in the wires?

6.      Renewed Vigilance to Prohibit Illicit Financial Flows in Nigeria's Banking System

7.      Companies can only use their corporate cards in Nigeria ONLY - CBN

8.     CBN’s 41 ‘Not Valid for FOREX’ Items & Their Sectoral Impacts – Jul 22, 2015

9.      CBN Limits BDCs cash Purchase to $5,000; Stop Wire Transfer of Funds – Jul 02, 2015

10.  CBN Warns Authorized Dealers Against Funding Items Classified as “Not Valid for Forex” – Jul 01, 2015

11.   CBN Includes Furnitures in Imported Goods and Services Classified as Invalid for Nigerian Forex Market – Jun 24, 2015

12.  CBN Classifies 40 Imported Goods and Services as Invalid for Nigerian Forex Market -  Jun 24, 2015

 

READ MORE:
Related News
SCROLL TO TOP