Regulatory Alerts2008-10-16 | BSD/DIR/CIR/07/VOL.2/016Year 2008 Hajj Operations - Purchase of Travelling Allowance (PTA) In Saudi Riyal Travellers' Cheques (SRTCs)
The Central Bank of Nigeria (CBN) has announced the arrangements for purchasing Saudi Riyal Travellers' Cheques (SRTCs) as Pilgrims' Travel Allowance (PTA) for the 2008 Hajj operations. Each pilgrim is entitled to SRTCs equivalent to a minimum of US$750 and a maximum of US$1,500. Authorized banks will sell these SRTCs at prevailing Naira exchange rates. No commission shall be charged by the banks for selling these cheques to intending pilgrims. The CBN will issue SRTCs to designated banks two weeks before Hajj and unutilized funds must be returned within 30 days after returning from the pilgrimage. This scheme is applicable in all states, including Lagos and Rivers, with a total of 84,878 allocated for this purpose.
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