Hajj Forex Subsidy: CBN Defends Decision To Sell Dollar At N197 To Pilgrims

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has defended the decision by the apex bank to sell the Pilgrims Travelling Allowance (PTA) to intending pilgrims at a concessionary exchange rate of N197 to $1.

According to the CBN governor, the concessionary agreement was made with the National Pilgrim’s Commission (NAHCON) earlier this year, which was long before the current exchange rate adjustment.

Mr. Emefiele stressed that at the time of the agreement with NAHCON, the market exchange rate was still pegged at N197 to $1.

He further stated that the pilgrims had already made advanced payments for the exercise, as it would be unfair for the CBN to make them pay for the difference after they already had an initial agreement.

"In 2016 the Pilgrim Commission came to the Central Bank of Nigeria and we agreed that it had to be done at the market rate which at that time was N197, this was a decision reached sometime around March and April this year," Emefiele said.

"So I will think that it will be inappropriate at this time because the exchange rate has sort of adjusted that we should go back to the pilgrims and say pay the difference.

"The Central Bank of Nigeria is in business and we must respect our contracts as business people."

It will be recalled that the Apex Bank on Thursday in a memo instructed all banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, to intending pilgrims at N197 to $1.

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,” the statement said.

Source: https://thewhistler.ng/story/hajj-forex-subsidy-cbn-defends-decision-to-sell-dollar-at-n197-to-pilgrims

Pilgrims Paid For Forex Long Before Latest Adjustments – CBN Governor

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Tuesday said there has been an agreement with the Pilgrim’s Commission to sell the dollar at 197 Naira long before the latest adjustments.

Mr Emefiele added that the pilgrims had made advanced payments for the exercise.

The CBN had on Thursday directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of 197 Naira to a dollar.

“Each pilgrim is entitled to purchase a minimum of $750 and maximum of $1,000 as PTA.

“The Federal Government has approved that intending pilgrims are to be sold the PTA at a concessionary exchange rate of 197 Naira to the US dollar.

“No commission shall be charged by the banks for the sale of the PTA to the intending pilgrims,” the statement read.

http://www.channelstv.com/2016/08/09/pilgrims-paid-forex-long-latest-adjustments-cbn-governor/

Even so ..... Times have changed so the agreement should change also!!! 7B naira will build cottage industries in all the LGAs in Nigeria and employ hundreds of thousands of Nigerians#!!

We know it's ur job to defend your paymaster... I guess they will do same with Fuel importation Marketers?

it will never be well with those that approved this nonsense for pilgrimage(Christian &Muslim), my bro almost dropped out of final year because of this stvpid forex scarcity, yet one person wey im religious cathedral never do am here decides to waste our money for traveling to worship his god, because I'm sure a true God is everywhere and not until you punished the human society before you worship him.

defending the indefensible...
what about Nigerians on Federal Govt sponsored academic programmes that were given financial grants between 2014 & 2015 at the exchange rate of between 170-197 - 1$?
now that they are stranded due to the exchange fluctuations, why not sell dollars to them at concessionary rates so that they can complete their programmes, come back to Nigeria & be more productive to the economy than these eye service pilgrims...

So any group can go to CBN today and table an agreement to purchase forex at the current official rate as it stands now but, would take the cash in 2020

I asked because it's obvious that before 2020 $1 would equal N3000..

"He further stated that the pilgrims had already made advanced payments for the exercise, as it would be unfair for the CBN to make them pay for the difference after they already had an initial agreement."

Question: Did they make full payments or part?

"It will be recalled that the Apex Bank on Thursday in a memo instructed all banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, to intending pilgrims at N197 to $1.

Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA."

Question : If CBN claimed to have collected advance payment from pilgrims, what's the meaning of 'is entitled to purchase' in the above quoted paragraph..

Stinker Emefiele, remove your nose from that stinking gworo a_ss...and come up with a stronger and more legitimate defense..

S.10 of the Constitution prohibits the Government from adopting any religion as a state religion. However, our government have adopted Christianity/Islam as the Religion of Nigeria.

Many of us seems not to bother about this Constitutional breach because it supports our faith.

The CBN in its characteristic manner is trying to justify illegality. Even if the agreement was reached as alleged, why can't they declare force majeure and save us this billions to be wasted

We are dealing with hate that the money laudering pastor bling bling has inserted in the heads of many Christians

[s]

vedaxcool:
We are dealing with hate that the money laudering pastor bling bling has inserted in the heads of many Christians

[/s]

Don't waste your precious time trying to mock Christians and their pastors because, they also agrees with you that many pastors are criminals ..
The question remaining here is whether you agrees that all that was perceived or Islam is true..


I think it's better you concentrate on the issue as this ain't about religion but, about our common wealth being diverted by few criminals with different guise..

Have you eaten anything this morning?

BeClever:
[s][/s]

[s]Don't want your precious time trying to mock Christians and their pastor because, they also agrees with you that many pastors are criminals ..
The question remaining here is whether you agrees that all that was perceived or Islam is true..


I think it's better you concentrate on the issue as this ain't about religion but, about our common wealth being diverted by few criminals with different guise..

Have you eaten anything this morning[/s]?

Shutup damn illiterate who defends corruption while sleeping under a staircase.

BeClever:
[s]So any group can go to CBN today and table an agreement to purchase forex at the current official rate as it stands now but, would take the cash in 2020

I asked because it's obvious that before 2020 $1 would equal N3000..

"He further stated that the pilgrims had already made advanced payments for the exercise, as it would be unfair for the CBN to make them pay for the difference after they already had an initial agreement."
Question: Did they make full payments of parts?

"It will be recalled that the Apex Bank on Thursday in a memo instructed all banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, to intending pilgrims at N197 to $1.

Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA."

Question : If CBN claimed to have collected advance payment from pilgrims, what's the meaning of 'is entitled to purchase' in the above quoted paragraph..

Stinker Emefiele, remove your nose from that stinking gworo a_ss...and come up with a stronger and more legitimate defense..[/s]

Damn illiterate nicur couldn't even understand what CBN in saying. Remove your nose from ogogoro stinking mouth of Jogogoro and make sense of what CBN is saying.

1. According to the CBN governor, the concessionary agreement was made with the National Pilgrim’s Commission (NAHCON) earlier this year, which was long before the current exchange rate adjustment.... In simple english we already reached and signed an agreement with them long before today's rate

2. Mr. Emefiele stressed that at the time of the agreement with NAHCON, the market exchange rate was still pegged at N197 to $1... in simple english we agreed with them that we will sell to them at N197 to $1

3. He further stated that the pilgrims had already made advanced payments for the exercise, as it would be unfair for the CBN to make them pay for the difference after they already had an initial agreement... in simple english pilgrims already made payments long before the rates were changed

But I trust this self styled defender of thieves to make not a single sense of what I have Just posted.


Employing lies and religious fanaticism as thought by Pastor Money laundering will take you nowhere!

Emefiele just made a fool of himself and the bad news for him is that it's on record ..Oga we know you were forced by Buhari to subsidize the dollar for pilgrimage so you don't need to come out with this embarrassing lie of the dollar being pre ordered months ago..have u forgotten so soon we all saw the circular from the presidency ordering you to make it available at 197 to the pilgrims ..Emefiele it's a pity because this lie shall from now remain the hall mark of your brilliant banking career

The problem with Nigerians is that we are too sentimental when it comes to religion. Under the prevailing economic conditions, the Government have no business subsidising pilgrimage to Mecca or Jerusalem. Spending over N7billion tax payer money to subsidise pilgrimage cannot be justified and is highly immoral!
Even God will reject such hypocrisy. The sad thing is that the poor who cannot even afford one square meal a day will mumurically come out to defend this out of religious sentiments. Religion is obviously the opium of the people

PaulIdu:
[s]Emefiele just made a fool of himself and the bad news for him is that it's on record ..Oga we know you were forced by Buhari to subsidize the dollar for pilgrimage so you don't need to come out with this embarrassing lie of the dollar being pre ordered months ago..have u forgotten so soon we all saw the circular from the presidency ordering you to make it available at 197 to the pilgrims ..Emefiele it's a pity because this lie shall from now remain the hall mark of your brilliant banking caree[/s]r

You know he is lying how? ... oh I get it Ogogoro breath spirit left Jogoror's mouth and came here to tell you that it was with Emefiele all through the beginning of the year to know who he met and who he didn't meet? Tribalism will kill Ugu hawkers, even when their own people who are part of government misbehave they resort to putting the blame on others

vedaxcool:


You know he is lying how? ... oh I get it Ogogoro breath spirit left Jogoror's mouth and came here to tell you that it was with Emefiele all through the beginning of the year? Tribalism will kill Ugu hawkers, even when their own people who are part of government misbehave they resort to putting the blame on others

Please face your paid to post work and leave sensible talk for sensible people .read what you write and tell me if you even understand yourself.

egbonnla:
[s]The problem with Nigerians is that we are too sentimental when it comes to religion. Under the prevailing economic conditions, the Government have no business subsidising pilgrimage to Mecca or Jerusalem. Spending over N7billion tax payer money to subsidise pilgrimage cannot be justified and is highly immoral!
Even God will reject such hypocrisy. The sad thing is that the poor who cannot even afford one square meal a day will mumurically come out to defend this out of religious sentiments. Religion is obviously the opium of the people[/s]

The hypocrisy here in display is remembering about the government role in pilgrimage only when PMB became president. What happened all this years? CBN gave a legitimate defense of its role in this. Please can you tell the house how much each pilgrim paid for Hajj?

egbonnla:
The problem with Nigerians is that we are too sentimental when it comes to religion. Under the prevailing economic conditions, the Government have no business subsidising pilgrimage to Mecca or Jerusalem. Spending over N7billion tax payer money to subsidise pilgrimage cannot be justified and is highly immoral!
Even God will reject such hypocrisy. The sad thing is that the poor who cannot even afford one square meal a day will mumurically come out to defend this out of religious sentiments. Religion is obviously the opium of the people

I have said this over and over again. Religion is a curse to Africa and Nigeria in particular. The thing is just too much that people don't know the difference between right and wrong once a particular situation affects their religion.

PaulIdu:
[s]

Please face your paid to post work and leave sensible talk for sensible people .read what you write and tell me if you even understand yourself.[/s]

Look at this paid to lie agent who has deficit capcity to understand simple thing talking trash...

vedaxcool:


Damn illiterate nicur couldn't even understand what CBN in saying. Remove your nose from ogogoro stinking mouth of Jogogoro and make sense of what CBN is saying.

Now it's obvious how you easily make sense of every stupid lies cooked and served to you..
The same way it was easy for you to make sense of the padded and packaged lies about this useless gworo mashing child rapist certificateless brain deadin monster President....

1. According to the CBN governor, the concessionary agreement was made with the National Pilgrim’s Commission (NAHCON) earlier this year, which was long before the current exchange rate adjustment.... In simple english we already reached and signed an agreement with them long before today's rate

A business that signed agreement to sell it's goods at an unpredictable date(collected cash at current shelve rates with promises to deliver at customer agreed date?) without considering the market factors is doomed! (Abeg na Emefiele Papa de print dollar?)

2. Mr. Emefiele stressed that at the time of the agreement with NAHCON, the market exchange rate was still pegged at N197 to $1... in simple english we agreed with them that we will sell to them at N197 to $1

why didn't you give them the dollar immediately, why keep their cash with you to yield unpredictable interests?

3. He further stated that the pilgrims had already made advanced payments for the exercise, as it would be unfair for the CBN to make them pay for the difference after they already had an initial agreement... in simple english pilgrims already made payments long before the rates were changed

The payments, if at all he is saying the truth: was it fully or paid in part?

If they have fully paid, someone should be sanctioned for striking a bad deal for CBN and if it was part, then the person should be also be sanctioned and the remaining part should be paid with current exchange rates..

But I trust this self styled defender of thieves to make not a single sense of what I have Just posted.

Employing lies and religious fanaticism as thought by Pastor Money laundering will take you nowhere!

Answer the above questions and relieve yourself from the bondage of hate and bigotry that is about to gobble you into the unknown...
Like I said earlier some pastors and IMAMs are criminals (after all Shekarau is an Imam), so you better stick to facts and quit this wide goose chase..

I see

ivandragon:
defending the indefensible...
what about Nigerians on Federal Govt sponsored academic programmes that were given financial grants between 2014 & 2015 at the exchange rate of between 170-197 - 1$?
now that they are stranded due to the exchange fluctuations, why not sell dollars to them at concessionary rates so that they can complete their programmes, come back to Nigeria & be more productive to the economy than these eye service pilgrims...

#GBAM

BeClever:


[s]Now it's obvious how you easily make sense of every stupid lies cooked and served to you..
The same way it was easy for you to make sense of the padded and packaged lies about this useless gworo mashing child rapist certificateless brain deadin monster President....


A business that signed agreement to sell it's goods at an unpredictable date(collected cash at current shelve rates with promises to deliver at customer agreed date?) without considering the market factors is doomed! (Abeg na Emefiele Papa de print dollar?)


why didn't you give them the dollar immediately, why keep their cash with you to yield unpredictable interests?


The payments, if at all he is saying the truth: was it fully or paid in part?

If they have fully paid, someone should be sanctioned for striking a bad deal for CBN and if it was part, then the person should be also be sanctioned and the remaining part should be paid with current exchange rates..



Answer the above questions and relieve yourself from the bondage of hate and bigotry that is about to gobble you into the unknown...
Like I said earlier some pastors and IMAMs are criminals (after all Shekarau is an Imam), so you better stick to facts and quit this wide goose chase.. [/s]

It is very clear you are looking for psychiatric help but I don't do that. Even a village idiot will tell you that once you agree to deliver a product at a prevailing price you are bounded to do so, capenters do so, tailors do the same, every honest individual and Business organization stick to what they have agreed to regardless of whether the price rises there after. Being a Government means it is more incumbent on you to do so.The fact that the pilgrim made advance payment clearly shows like every business transaction where payment has been made, then the other party simply becomes responsible for delivering his own part of the agreement. The pilgrims fulfiled their part of the bargin and the government has decide to fulfill it s part. Fanaticism and hatred for muslims as taught by pastor Lauder money have really sipped dip into your skull!

[s]

vedaxcool:


It is very clear you are looking for psychiatric help but I don't do that. Even a village idiot will tell you that once you agreed to deliver a product at a prevailing price you are bounded to do so, capenters do so, tailors do the same, every honest individual stick to what they have agreed to regardless of whether the price rises there after. The fact that the pilgrim made advance payment clearly shows like every business transaction where payment has been made, then the other party simply becomes responsible for delivering his own part of the agreement. Fanaticism and hatred for muslims as taught by pastor Lauder money have really sipped dip into your skull!

[/s]


This simple post has highlighted your level of reasoning, your age and exposure...

I shouldn't be arguing with you...bye

BeClever:
[s][/s]


This simple post has highlighted your level of reasoning, your age and exposure...

I shouldn't be arguing with you...bye

Ok,good I see you have found a psychiatric doctor,... please complain well well, so you can get all the support you need. Bye.. regards to the doctor.

BeClever:
So any group can go to CBN today and table an agreement to purchase forex at the current official rate as it stands now but, would take the cash in 2020

I asked because it's obvious that before 2020 $1 would equal N3000..



Question: Did they make full payments of parts?


Question : If CBN claimed to have collected advance payment from pilgrims, what's the meaning of 'is entitled to purchase' in the above quoted paragraph..

Stinker Emefiele, remove your nose from that stinking gworo a_ss...and come up with a stronger and more legitimate defense..

Are you this daft? Or is it ignorance . Preparations for hajj started months ago when pilgrims have started paying and Pay at the prevailing exchange rate. The issue of concessionary rate applies to BTA and not the hajj fare itself you can ask anybody who paid for hajj about this.
I'm sure you have comprehension issues as you can't understand a simple statement like "minimum 750 dollars and maximum 1000 dollars "

vedaxcool:


Damn illiterate nicur couldn't even understand what CBN in saying. Remove your nose from ogogoro stinking mouth of Jogogoro and make sense of what CBN is saying.

1. According to the CBN governor, the concessionary agreement was made with the National Pilgrim’s Commission (NAHCON) earlier this year, which was long before the current exchange rate adjustment.... In simple english we already reached and signed an agreement with them long before today's rate

2. Mr. Emefiele stressed that at the time of the agreement with NAHCON, the market exchange rate was still pegged at N197 to $1... in simple english we agreed with them that we will sell to them at N197 to $1

3. He further stated that the pilgrims had already made advanced payments for the exercise, as it would be unfair for the CBN to make them pay for the difference after they already had an initial agreement... in simple english pilgrims already made payments long before the rates were changed

But I trust this self styled defender of thieves to make not a single sense of what I have Just posted.


Employing lies and religious fanaticism as thought by Pastor Money laundering will take you nowhere!

Oga zombie wetin I do naw? how this una talk take involve me now?

Nicur:
Oga zombie wetin I do naw? how this una talk take involve me now?

smh