On 4th August 2016 CBN released a circular (although the circular have been withdraw from CBN website) directing all authorized FOREX dealers to sale FOREX to all intending pilgrims under the arrangement called Pilgrims Travelling Allowance (PTA). From the circular intending pilgrims can purchase minimum of $750 [/b]and maximum of [b]$1,000 [/b]per head at the rate of N197/$1. Meanwhile, the prevailing official rate as at August 4, 2016 was N318/$1 while parallel market rate stood at N380/$1, note the difference between subsidize rate (N197/$1) and official rate is N121/$1 while difference between subsidize rate to parallel market rate of N380/$1 is N183/$1

The total number of pilgrims this year 2016 is [b]165,167, from the data available I deduced that a whooping sum of N7.9billions or N11.9billions respectively (based on the two rate i.e official and parallel rate) would be a subsidy paying by FGN to all the pilgrims assuming they bought maximum of $1,000/pilgrim.

The first three states on the charts are KANO, KADUNA [/b]and SOKOTO[b] pilgrims and subsidy amount accrued to them if they bought at N318/$1, are N703m, N684m and N605m but if they bought it at parallel market rate N380/$1, they will get N1,063b, N1,034, and N915m respectively as subsidize amount. Hmmmmm

Also, on the chart, NORTH WEST [/b]would get N3.8billion or N5.8billions represent[b] 49% of the total exchange rate differences paying off by FGN, followed by NORTH EAST,N1.5b or N2.3b respectively, represent 20% of the total amount subsidy paying off if they get it at N318/$1 and N380/$1. Note total amount paying off stood at N7.9b or N11.9b based on any of the calculated rates.

Am of opinion that government should totally excuse herself from sponsoring/funding/subsiding pilgrims (Christians and Muslim)in whatever forms. We currently having over 2.1m people at various IDP camps in our dear nation, faced with hunger, lack of drinkable waters and shelters,which they could not access. Its time for us as a nation to priorities our goals in order to meet public/masses expectations.

Corrections and constructive criticism are welcome.

God Bless FGN
God Bless Nigerians

Attached is the graphical pictures.

Source: http://www.vanguardngr.com/2016/08/2016-hajj-sell-dollars-to-pilgrims-n197-cbn-authorises-banks/
Source: My personal view.

Second Picture

Third Pic

ok.. Fear North, this is One nijeriya.... And u all must smell ya nyash...

that is niger delta oil money that buhari is sharing to his people. dearis god o....

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the apex bank did not provide foreign exchange at a subsidised rate for the 2016 hajj pilgrims.

Emefiele, according to a statement from the bank, explained that the insinuation that the foreign exchange for the pilgrims was subsidised by the Federal Government was untrue.

The governor stated that the agreement between the apex bank and the pilgrims had been concluded even before the commencement of the implementation of the new flexible foreign exchange policy.

He said the pilgrims had earlier in the year made what he described as “advance payment” for their personal travel allowances, noting that in the current circumstances, the advance payment made was $750 per pilgrim.

The governor explained that the advance payment was made by the pilgrims to the respective state pilgrims’ boards, after which the requests were passed by the states to the national body.

According to him, since the agreement was made in April when the market rate was N197 to a dollar, it would be unethical not to honour it.

Emefiele said refusing to provide foreign exchange to the pilgrims at the N197 per dollar agreed rate would mean that the pilgrims would have to pay the difference between the old and new rates.

This, he noted, was against sound business principle.

He said, “What is obtainable is that every year, prior to the commencement of the pilgrimage, the commissions (both Christian and Muslim) approach the CBN to agree on the exchange rate for the personal travel allowance for that particular year, which, in this case, is between $750 and $1,000 per pilgrim.

“In this particular case, the market rate prevailed. Hence, with the commencement of the flexible exchange rate policy, market-determined rates will continue to serve as the basis for foreign exchange for pilgrimage or any form of PTA in the country.”

He added that the request for PTA for pilgrimage or tourism was a valid transaction and stated that the CBN, as a responsible organisation, could not renege on agreements or contracts entered into with other groups for whatever business transactions.

http://punchng.com/pilgrims-didnt-get-forex-subsidised-rate-emefiele/

Can you imagine!