Regulatory Alerts2012-10-24 | TED/FEM/FPC/GEN/01/024Year 2012 Christian Pilgrimage Purchase of Pilgrims Travelling Allowance
The Central Bank of Nigeria has approved a concessionary exchange rate of $14.50 to the US Dollar for the purchase of Christian Pilgrims' Travelling Allowance (PTA) up to US$750 or US$1,000 depending on destination. This allowance is applicable for travel to Israel, Israel/Rome, and Greece by Nigerian pilgrims. No tax clearance certificate should be a prerequisite for the PTA, but State Pilgrims' Board representatives can sign for and collect the PTA on behalf of their respective states if needed. Pilgrims will receive visas upon arrival at Ben Gurion Airport in Tel Aviv, Israel. Designated banks are to follow these guidelines and submit sales returns within two weeks. Infractions or abuses may lead to penalties.
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