Regulatory Alerts2006-12-15 | TED-FEM-GEN--FPC-01-17-06Year 2007 Hajj Pilgrimage: Re: Purchase of Pilgrims' Travelling Allowance (PTA) in Saudi Riyal Travellers' Cheques.
The Central Bank of Nigeria has issued a directive to all authorized dealers regarding the exchange rate for pilgrims' traveling allowance for the 2007 Hajj pilgrimage. The bank has directed dealers to use the prevailing market rate on the day of purchase, rather than the previously allowed concessionary exchange rate. Failure to comply with this directive will result in sanctions.
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