Nigerians Condemn Forex Subsidy For Hajj Pilgrimage

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BuhariNigerians have openly criticized the directive by the Central Bank of Nigeria (CBN) asking banks to provide forex to those going on Hajj pilgrimage at N197 per dollar.

Vanguard reports that the apex bank in Nigeria directed the banks and other valid foreign exchange dealers to sell the Pilgrims Travelling Allowance (PTA) to pilgrims at a concession.
In a circular CBN passed on Thursday, August 4:

“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.” Nigerians however took to social media to express their displeasure at the directive considering the economic challenges the country was facing.

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