CBN Orders Banks To Sell Dollars To Pilgrims At N197 – The Central Bank of Nigeria has ordered banks to sell dollars to any intending pilgrims at a rate of N197.
“Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA,” the apex bank said in a circular on Thursday.
The order extends to authorized forex dealers, and the statement added: “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.”