Buhari offers Hajj pilgrims dollar at 197/$ as parallel market crashes to 400/$

Buhari offers Hajj pilgrims dollar at 197/$ as parallel market crashes to 400/$

Following a directive by president Muhammadu Buhari, CBN governor Godwin Emefiele has ordered Nigerian banks to sell US dollar forex to people attending this year’s Hajj Pilgrimage in Saudi arabia for 197 naira per dollar even as the black market sold the US dollar at 400 naira per dollar on Thursday.

The letter signed by the on 4 August 2016 and addressed to Nigerian banks read:

“Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA. 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.”

Read the full letter:

Buhari offers Hajj pilgrims dollar at 197/$ as parallel market crashes to 400/$