Regulatory Alerts2007-10-24 | TED-FEM-FPC-GEN-01-132-07Year 2007 Muslim Pilgrims: Purchase of Personal Travel Allowance (PTA) in Saudi Riyal Travellers' Cheques (SRTCs)
The Central Bank of Nigeria has released information concerning the 2007 Hajj operations, specifying a concessionary exchange rate for Personal Travel Allowance (PTA) of N120 to US$1. This entitles each pilgrim to a minimum of US$750 and a maximum of US$1,500 at the exchange rate of SR3.75 to US$1. SRTCs will be issued to designated banks two weeks before the commencement of the Hajj operations, with unutilized cheques to be returned within two weeks of the last flight. The approved schedule shows the distribution of 81,335 Muslim Pilgrims expected to perform the 2007 Hajj among several designated banks.
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