Year 2007 Muslim Pilgrims: Purchase of Personal Travel Allowance (PTA) in Saudi Riyal Travellers' Cheques (SRTCs)

Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja 09-61637804 09-61637802 E-mail address:ted@cenbank.org Our Ref: TED/FEM/FPC/GEN/01/ 131 October 23, 2007 To: ALL AUTHORISED DEALERS AND GENERAL PUBLIC YEAR 2007 MUSLIMS PILGRIMS: PURCHASE OF PERSONAL TRAVEL ALLOWANCE (PTA) IN SAUDI RIYAL TRAVELLERS' CHEQUES (SRTCs) Authorised Dealers and the general public are hereby notified of the following arrangements in respect of the 2007 Hajj operations.

1. The Federal Government has approved a concessionary exchange rate of N120.00 to US$1.00 in respect of Personal Travel Allowance (PTA) for the 2007 Muslim pilgrims; 2. In accordance with the approval, each pilgrim is entitled to a minimum of US$750.00 and a maximum of US$1,500.00 at the exchange rate of SR3.75 to US$1 as PTA;
2. The Central Bank of Nigeria shall issue SRTCs to the designated banks two weeks before the commencement of the Hajj Operations and the accounts of the respective banks shall be debited as soon as the funds are disbursed; 4. Each of the designated banks is required to return the unutilized SRTCs two weeks from the date of the last flight of the pilgrims while individual accounts of the banks shall be credited promptly.

The approved schedule showing the distribution of 81,335 Muslim Pilgrims expected to perform the 2007 Hajj among the designated banks is stated below for guidance.

O. O. AKANJI (MRS) DIRECTOR
TRADE & EXCHANGE DEPARTMENT