CBN withdraws N197 pilgrimage exchange rate circular

Central Bank of Nigeria (CBN) on Friday reacted to the outrage over its N197 exchange rate subsidy for pilgrimage by deleting the controversial circular from its website.

The apex bank had issued the directive in an August 8, 2016 circular addressed to all authorised dealers and the general public.

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In the circular titled, ‘2016 Hajj Operations: Purchase of Pilgrims’ Travelling Allowance.’

It said pilgrims would be entitled to a minimum of $750 and a maximum of $1000 at a “concessionary exchange rate” of N197 to a dollar.

It also said no commission should be charged on the sale of the PTA.

However, the circular generated widespread outrage among Nigerians.

Many wondered why the same administration that cancelled sponsorship of religious pilgrimages could turn around to subsidise what they described as a personal affair.

In the heat if the outrage, the bank took down the circular although it did not issue any statement indicating whether the new policy had been cancelled or not.

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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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