Regulatory Alerts2006-12-15 | TED-FEM-GEN-FPC-01-19-06Re: Approved Fiscal Policy Measures and Tariff Amendments
In the letter dated December 15, 2006, the Central Bank of Nigeria announced an update to its guidelines on purchasing pilgrims' traveling allowance (PTA) in Saudi Riyadh travelers' cheques. The previous concessionary exchange rate of N120.00 to US$1 was rescinded, and all authorized dealer banks were directed to use the prevailing market rate on the day of purchase. Non-compliance with this directive may result in appropriate sanctions for non-adhering banks.
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