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 The previous concessionary exchange rate of N120.00 to US$1 was rescinded, and all authorized dealer banks were directed to use the prevailing market rate on the day of purchase.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.
Tel: 09 616 37 804 December 15, 2006 Fax: 09 616 37 802 Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail: ted@cenbank.org
Our Ref: TED/FEM/GEN/FPC/01/15 TO: ALL AUTHORISED DEALERS
YEAR 2007 HAJJ PILGRIMAGE: RE: PURCHASE OF PILGRIMS' TRAVELLING ALLOWANCE (PTA) IN SAUDI RIYADS TRAVELLERS' CHEQUES Further to the circular reference NO. TED/FEM/GEN/FPC/01/06 of November 22, 2006 on the above subject, particularly the provisions of paragraph two (2) in which it was stated that a concessionary exchange rate of N120.00 to US$1 for PTA was allowed.
Authorised Dealers are, hereby, directed that, with immediate effect, prevailing market rate on the day of purchase of the PTA shall be used.
All Authorised Dealers are enjoined to comply accordingly, failing which appropriate sanction shall apply on any erring bank.
O. O. AKANJI (MRS) DIRECTOR TRADE & EXCHANGE DEPARTMENT