No concessionary FX rate for pilgrims — Emefiele

Central Bank Governor, Godwin Emefiele


The Central Bank of Nigeria (CBN) has debunked claims in certain quarters alleging that intending pilgrims, for this year’s Hajj have been granted concessionary foreign exchange rate.
In a statement yesterday, the CBN Governor, Mr Godwin Emefiele stated that there was no preferential exchange rate of any sort to intending pilgrims.

He said that the laid down procedure was followed in arriving at the exchange rate for the pilgrims. “What is obtainable is that every year, prior to the commencement of the pilgrimage, the commission (both Christian and Muslims) approach the CBN to agree on the exchange rate for the personal travel allowance (PTA) for that particular year, which, in this case is between $750 and $1,000 per pilgrim,” he explained.
He further explained that the agreement to sell foreign exchange to the pilgrims at the rate of N197 to the Dollar was reached as far back as April 2016 at the prevailing rate then. According to the CBN Governor, this particular agreement is applicable to both intending Christian and Muslim pilgrims.
“In this particular case, the market rate prevailed. Hence, with the commencement of the flexible exchange rate policy, market determined rates would continue to serve as the bases for foreign exchange for pilgrimage or any form of PTA in the country,” he noted.
Meanwhile, the National Hajj Commission of Nigeria (Nahcon) has said that the issue of exchange rate of the National Pilgrims of the 2016 was agreed upon, approved and sealed since March 2016 while the exchange rate was still N197 to a dollar.
Executive Chairman, of the commission, Abdullahi Muktar Mohammed during a press briefing to clarify issues emanating from the exchange rate for pilgrims said the commission took the decision after meeting with its stakeholder and subsequently with the CBN in order to take off the responsibility of taking any concession off federal government