The Central Bank of Nigeria, CBN, has directed banks and authorized
forex dealers to sell the Pilgrims Travelling Allowance, PTA, to
intending pilgrims at a concessionary exchange rate of N197 to $1. This
directive was given in a statement sent to banks yesterday August 4th.
“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. 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….”
