Islamic Republic of Nigeria: Buhari directs CBN to revert itself and sell dollar to Muslim pilgrims at N197 as against N400

Islamic Republic of Nigeria: Buhari directs CBN to revert itself and sell dollar to Muslim pilgrims at N197 as against N400

'General' Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to issue concessionary rights to Muslim pilgrims, to access forex. CBN on Thursday, directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance (PTA), to intending pilgrims at a concessionary exchange rate of N197 to $1. As at yesterday $1 dollar was exchanged for N400. This implies that Buhari is giving a whooping subsidy of N203 for each dollar exchanged by a Muslim pilgrim.



This directive is contradictory to the currency floating policy recently announced by the CBN that essentially removed government's overbearing control on the naira.

In a circular on Thursday, marked, TED/FEMFPC/GEN/01/005, the CBN said: “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…."

Thus, each Muslim pilgrim is being giving N203,000 and by extension for 5000 pilgrims, Buhari is willing to part away with over N1 billion for a wholly personally trip, while denying people who are sick, students, and those that could re energise the dying economy such as manufacturers and importers, of such concession.

Now you do the maths.

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Float it or sink it, Naira is DEAD! And Buhari KILLED it as he is killing Nigeria

Float it or sink it, Naira is DEAD! And Buhari KILLED it as he is killing Nigeria