Showing posts with label Hajj 2016. Show all posts
Showing posts with label Hajj 2016. Show all posts

Friday, 5 August 2016

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.