The Central Bank of Nigeria has issued a circular instructing commercial banks to sell dollars to Pilgrims going to the Hajj at an exchange rate of N197.

The Central Bank explains that the sale of the forex will be funneled through commercial banks who are then mandated to sell to pilgrims at N197. Pilgrims are expected to purchase a minimum of $750 and a maximum of $1000 per pilgrim.
he circular also reveals there are a total of 65,197 Pilgrims, thus the CBN will sell as much as $65,197,000 assuming every Pilgrim buys as much as $1000 each.

Nigeria’s official exchange rate closed at about N315 which suggest that this sale could cost Nigerian tax payers about N7, 693, 246,000 in exchange rate loss (based on 315 -197=118).

This is not the first time the Central Bank is selling dollars to Pilgrims at a subsidized rate. Last August it also sold dollars at N160 at a time when the official exchange rate was about N197. Only that this time, the disparity is wider.

The implication for Nigerian tax payers is that the government is now incurring this sort of expense at a time when the economy is likely in a recession and millions are finding it hard to feed themselves. It is also at a time where the Nigerian government is running cap in hand begging foreign investors to invest in Nigeria so that we can boost our external reserves.

It also calls to question suspicions that government officials may be getting travel allowances at a different exchange rate from what is obtainable at the official interbank market.

The Central Bank of Nigeria floated the Naira on the 20th of June 2016 following a year-long policy of holding the exchange rate at a fixed rate of about N197/$1. Since floating the naira, the exchange rate has depreciated by as much 60% at the interbank and over 100% at the parallel market. The dollar closed at about N400 at the parallel market on Thursday.


http://www.vanguardngr.com/2016/08/2016-hajj-sell-dollars-to-pilgrims-n197-cbn-authorises-banks/

I wish President Buhari can cancel this year Hajj for security reasons. Presently, Saudi Arabia is under terrorist radar and with what happened during the lesser hajj I think we need to take precaution to avoid stories that touch.

Mecca and Madinah are cities of great importance in Islamic but it's such a pity everything Is politicized.

Cdn no serious importers need dis dollars @ that rate nt dis pilgrims who keeping going very year without seeing there impact in dis economy since 1999.

Them no they pray for house self abi d Nigeria prayer no they answer ni.

j

Islamize the damn country already.

ojun50:
Cdn no serious importers need dis dollars @ that rate nt dis pilgrims who keeping going very year without seeing there impact in dis economy since 1999.

Them no they pray for house self abi d Nigeria prayer no they answer ni.

I hate being a Nigerian i swear. I don't know which kain curse be this.
What did we do wrong?
Where did we go wrong?
A nation that subsidizes excursion trips while the economy is crumbling.


Follow me on naira land and I follow back.

magicminister:


I hate being a Nigerian i swear. I don't know which kain curse be this.
What did we do wrong?
Where did we go wrong?
A nation that subsidizes excursion trips while the economy is crumbling.

don't hate being a Nigeria jst pray Nigeria get better in a short time

ojun50:


don't hate being a Nigeria jst pray Nigeria get better in a short time

You don't understand bro.
Business has been really difficult.
I got payments hanging in the air that i cannot cash without making major loss.
Its such a shame!

magicminister:


You don't understand bro.
Business has been really difficult.
I got payments hanging in the air that i cannot cash without making major loss.
Its such a shame!

i do, if nt i would be up by dis time.

What do we call this.? Stupidity i think
Who hajj don epp

What a country, what a leader.

Our leaders re useless.
Buhari was never the messiah, infact he is the Mess..

Selling at a loss because of religion yet u deny students of paying their tuition, you deny the manufacturers who source their raw material.

Nwanne, Nigeria Gba Oku..
Bunch of useless old amoebas...

First Class Citizens. Shebi wen FFK was asking whether Christians are second class citizens; I saw comments of people raining insults on him that he is a thief, he is trying to cause division etc... now I hope we can see with our clear eyes; that FFK was right, this is just an example.

Even Christian business men will never get this opportunity. But Muslims will get it for a vacation.

Christians open ur eyes; cos wen it will come to ur doorstep, don't say FFK didn't warn u.

which way naija?
Anybody still expecting anything good from this government better have a rethink, a government that can not set its priorities right,that dwells mostly on mundane things,like using scarce forex to import grass,to subsidize private religious obligations at the expense of things that can add value like education, businesses and others that can improve productive capacities and impact positively on the people is not a serious government, even look at case of our athletes in rio does it depicts a serious government, its like every thing Buhari touches he ruined, remember his first coming,it might not be his fault, maybe its in his star, it is the people that must make objective assessment and prepare for the rough ride ahead and when next they have opportunity to choose,they will choose like a stakeholder,and without sentiments or baba sope

But na which kæn country be this?

emeijeh:
But na which kind country be this?

Bros the thing tire me no be small!!

Lalasticlala

This is d worst govt ever he has repackaged boko haram watch thier next target 2 go after Christians but God judgement will b swift dis time around yeye govt

keep our banks out of this...

you are the ones that patronize the black market...cbn is only doing advertisement to drow customers to him self...do your things abroad...let cbn alone...you dont care about cbn anyways....you care about the black market....

That's unfair to other Nigerians. This is partiality

tsdarkside:
keep our banks out of this...

you are the ones that patronize the black market...cbn is only doing advertisement to drow customers to him self...do your things abroad...let cbn alone...you dont care about cbn anyways....you care about the black market....

what are you trying to say cos i do not understand and i am sure everyone reading this do not understand u too!!

magicminister:


what are you trying to say cos i do not understand and i am sure everyone reading this do not understand u too!!

IN SIMPLE LANGUAGE::.,YOU LIKE ILLEGAL BUSINESS THAN LEGAL BUSSINESS...

you suppose to be doing bussiness only with cbn and not black market because you get 3000naira more..!!!,,,

dont you get it??..




you are the ones messing everything up that yaya opogbo fouht and died for....

your mind is corrupt,thats why you always get corrupt leaders..,,

a corrupt tree can not bare rightous fruit!!!..

your were warned of leavened bread a looooooonnñgggg time ago....

tsdarkside:


IN SIMPLE LANGUAGE::.,YOU LIKE ILLEGAL BUSINESS THAN LEGAL BUSSINESS...

you suppose to be doing bussiness only with cbn and not black market because you get 3000naira more..!!!,,,

dont you get it??..

you are the ones messing everything up that yaya opogbo fouht and died for....

Jesus is lord.
My power no reach this one.
My brother, carry your wahala and be going.

What?

Of what economic value is hajj to us as a nation?

magicminister:


Jesus is lord.
My power no reach this one.
My brother, carry your wahala and be going.

i am nijerian,i am adam...the most high created me and put me here...

magicminister:


Jesus is lord.
My power no reach this one.
My brother, carry your wahala and be going.

i dont think white jesus can help you in in economical matters..

THIS WAN IS TRYING TO MANAGE HILMSELF!!!

oops....scalar leaders at it again.

When the government favors a religion above businessmen, what you see is conversion for profit


Exchange rate for businesses hits N400 to $1 while muzzies get it at N197. These Pilgrims will simply get these dollars and sell them back when they return


Everyone had every reason to farm until they got access to opportunities through nepotism and religious favoritism

Zombies as usual will find a way to twist reality and justify this action. The truth is, investors find these kind of markets scary. Risks and exposure skyrocket when policies have inconsistencies in their application. That is why they keep asking for bonds, guarantees and many instruments which wont have been necessary in a open system.


Most forward thinking muslim countries dont play eith basic financial instruments like their currency so as to maintain a very open system encouraging to foreigners

Please with all the so called MOG in this country that claim to be able to see this and that, how come non of them where able to see into the future to warn us before now about this Buhari body odor we are suffering now

This is just too unfortunate, this government is so insensitive to the common man

Why no one saw saw this coming .
I just don't know if I can take it anymore

Many people are blinded with hatred. Did he not order thesame for Christians going on pilgrimage recently?
P.S: This isn't to justify the order. The link below is for those shouting islamization and claiming second class citizens.

President Muhammadu Buhari has approved N160 to $1 exchange rate for the Nigeria Christian Pilgrims Commission’s (NCPC) operations.

The commission’s Executive Secretary, John Keneddy-Opara, told State House correspondents after briefing Buhari on the commission’s activities at the State House, Abuja.

He said: “As you are aware, he has approved $1 to N160 for the conventional exchange rate for this pilgrimage operation and he also agreed that he will continue to encourage us, particularly as we drive to ensure self-sustenance, to make sure that the pilgrims are able to pay for the pilgrimages by removing government sponsorship.

“This is a journey and we are sure that we are going to succeed. So, he was very happy with the entire process. We are praying that God will help us to be a source of strength to Mr.

President, so that the Federal Government and states will spend the necessary resources on other things while the pilgrimage is self-funding as time goes on.

“We are already running four pilgrimages in one year. The first is the Easter pilgrimage, which has passed, the Youth Pilgrimage which we termed operation catch them young, the family pilgrimage and the overall pilgrimage. For those going to Israel for the 11 days trip, it is N379,840 and for the youth pilgrimage, it is going to cost N357,000.”

Nigerians on pilgrimage, he noted, can now undergo skill acquisition programme organised by the Nigerian Christian Pilgrims Commission and Israel’s Ministry of Agriculture, towards training them in the area of agriculture.

He added: “We are introducing the pilgrimage pilot lottery scheme that will enable people who are lucky to be able to go on this trip without much dependence on the state and the Federal Government.”

He said he was in the State House to brief the President on the activities of the commission.

“I came to brief the President on the activities of the Nigerian Christian Pilgrims Commission. Earlier, my colleague, the Chairman of Hajj Commission had come to brief him.

“I had to tell him where we are and how we started the commission and where we are today and our prayers. I want to say that the President was very happy with the commission and he said the commission has done very well.”
http://www.thenationonlineng.net/new/buhari-okays-n160-to-1-for-christian-pilgrims/

Im a Muslim, but this is an act of being bias now

Another opportunity to siphon dollars at half its price.
So the problem Nigeria is facing now is Hajj abi?

Anybody who wants to go for hajj should go and get dollars at the black market. If the govt won't give FX to those importing and creating jobs and those studying abroad, why should.they give it to Hajj pilgrims? This is just a tactic to siphon dollars by APC political cohorts. . .

Thieves in disguise. . . keep deceiving urselves.