Emefiele defends decision to sell Dollar at N197 to pilgrims

The Central Bank of Nigeria has insisted that despite the fall of the Naira, there will be no devaluation.

Central Bank Governor, Godwin Emefiele has defended the Central Bank’s decision to sell dollars to Nigerian Hajj pilgrims at lower than the current exchange rate.

The bank had come under severe criticism for it decision to sell the dollar at N197 to the pilgrims compared to its current price of N395.

The governor in a statement said the decision is based on an agreement that had been reached before the current exchange regime came into existence adding that the pilgrims had made advanced payments for the exercise.

The CBN has therefore asked the selected banks and authorised forex dealers to comply with its directive to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at the agreed exchange rate.

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