Governor of the apex bank, Godwin Emefiele, who spoke to newsmen in Abuja on Tuesday,August 9, said there was no preferential exchange rate of any sort to intending pilgrims.
Emefiele, who stressed that the laid down procedure was followed in arriving at the exchange rate for the pilgrims, said:“What is obtainable is that every year, prior to the commencement of the pilgrimage, the commission 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.
He disclosed that the pilgrims went ahead to make commitment through advanced payment through their various states pilgrims’ welfare boards for onward transmission to National Hajj Commission or Christian Pilgrims Commission as the case may be.
“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.
Emefiele added that the CBN as a responsible organisation could not renege on agreements or contracts entered into for whatever business transactions.
