NewsRescue
The Buhari government has subsidized hajj 2016 with half-price dollars for intending pilgrims.
This was contained in an announcement by CBN governor Emefiele with the APex bank authorizing banks to sell dollars to pilgrims at N197/USD.
TED/FEMFPC/GEN/01/005, the CBN: “Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA. The Federal Government has approved that intending pilgrims are to be sold the PTA at a concessionary exchange rate of N197.00 to the US dollar.”
Nigeria has recently announced a new policy that it has floated the dollar which is to sell at market rates. However since making the announcement, government sold dollars has been semi-liberalised selling at under 30 naira/USD, and below market average rates of N370/USD.
Dollar-subsidy was removed for Nigerian petroleum, causing an almost 100% hike in nationwide petrol prices and untold hardship with the fuel pump price increasing from N87 to N145/liter.
It is not understood why and under what principle the Nigerian government can decide a subsidy for pilgrimage or other processes.
