By MICHAEL EBOH & LAZARUS IBEABUCHI
The Federal Government through the Central Bank of Nigeria, CBN, said it has approved a concessionary exchange rate of N145.00 to the US Dollars for 85,000 Hajj pilgrims.

This represents a concession of about 9.35 per cent from the prevailing exchange rate of about N160 to the US dollar.

According to a statement by the CBN, titled, ‘Purchase of Pilgrims Travelling Allowance, PTA, in Saudi Riyal Travelers Cheques (SRTCs),’ signed by Mrs. O.L. Ahuchogu, for the Director, Trade and Exchange Department, the exchange rate is, however, for their Pilgrims Traveling Allowances, PTA, between $750 and $1,000.

According to her, each pilgrim is entitled to purchase Saudi Riyal Travelers’ Cheque equivalent of a minimum of US$750.00 and a maximum of US$1,500 as PTA, while for pilgrims buying STRC above $1,000 the difference shall be bought at the prevailing naira exchange rate to the US Dollar on the day of the purchase.

She, however, noted that unutilized SRTCs by the pilgrims should be sold to the CBN, not later than two weeks from the return of the pilgrims.

She said, “No commission shall be charged by the banks for the sale of SRTCs to the intending pilgrims. The CBN will commence the issuance of SRTCs to the designated banks from 13th September, 2012 at the CBN Branches in Lagos and Abuja. The accounts of the respective banks shall be debited as soon as the funds are disbursed.

“Each designated bank is required to sell to CBN the utilized SRTCs not later than two weeks from the date of the last inward flight to Nigeria from Jeddah, Saudi Arabia upon reconciliation of the transactions with the CBN and the accounts of the banks shall be credited promptly,” she said.

The official CBN exchange rate as at Friday stood at N155.78 to US $1.

Continuing, Ahuchogu said, “The CBN will commence the issuance of SRTCs to the designated banks from September 13, 2012, at the CBN branches in Lagos and Abuja. 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 unutilized SRTCs not later than two weeks from the date of the last inward flights to Nigeria from Jeddah, Saudi Arabia upon reconciliation of the transactions with the CBN and the accounts of the banks shall be credited promptly.”