CBN Reacts As Senate Demands N200 To Dollar Rate For Pilgrimages

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The Central Bank of Nigeria (CBN) on Friday reacted after the lawmakers of the senate claimed the apex bank is selling dollars to some businesses at an unofficial rate of N200.

The Senate had in a resolution on Wednesday asked the Federal Government to direct the CBN to supply dollars at a subsidised exchange rate of N200 to intending pilgrims to either to Saudi Arabia or Israel.

The resolution followed a motion by the former governor of Kebbi State, Adamu Aliero, APC-Kebbi, requesting, as a matter of urgency, concession to be granted as a policy every year to the pilgrims.

The lawmaker said his request followed confirmed information that got to him that the apex bank was allocating foreign exchange to some businesses at N200 to the dollar.

“The committee strongly recommends the concession of N200 to $1 for 2017 Hajj, to bring down the cost to a bearable level,” Mr. Aliero said, not calling the names of the businesses.

However, the CBN reacted to the allegation with a denial.

 “It is not true,” CBN spokesperson, Isaac Okorafor, said adding that “We (CBN) are NOT selling FOREX to anyone at N200 to the dollar. The lowest rate in the entire market is the inter-bank rate, which ranges between N305 to N315.”



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