A circular to all authorised dealers signed by CBN Acting Director, Trade and Exchange, W.D. Gotring, stated that each pilgrim is entitled to purchase a minimum of $750 and a maximum of $1,000 as Personal Travel Allowance,PTA.
“The Federal Government has approved that intending pilgrims are to be sold the PTA at a concessionary exchange rate of N197 to the dollar. No commission shall be charged by the banks for the sale of PTA to the intending pilgrims,” he said.
He explained that the CBN 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.
“Each designated bank is required to sell to the CBN the unutilised funds not later than two weeks from the date of the last inward flight to Nigeria from Jedda, while the accounts of the banks shall be credited promptly.
This is really disturbing.
For Pilgrimage that does not have economic value and does not support industry they get conssessions but industries source FX at parallel market.
Please correct me.
Is this not misplaced priorities.