According to Emefiele, this is why CBN sold forex to Hajj pilgrims at N197

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday, said that foreign exchange sold to 2016 hajj pilgrim was due to a 2015 agreement reached by the bank with both Christian and Muslim pilgrims.

Speaking at a press conference in Abuja, the governor stated that the agreement was made long before the current forex policy was reached.

Emefiele said, “Pilgrims made what is called advance payment for their personal travel allowance, in this case $750.

“They make those advance payments to the state pilgrims board, and then the state passes it to the national body, who in this case has reached an agreement with the central bank about the appropriate rate that would be used.

“For 2015, it is important for me to go back. In 2015, when the market rate was 197, the pilgrims commission, Christians and Muslims, actually came to the central bank and agreed at N160 to the dollar, even when the market was 197. That was an agreement and a contract reached.

“For 2016, the pilgrims 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.”

Emefiele pointed out that it would be unfair to ask the pilgrim to pay the old and new forex rate.

“The contract was reached sometime around March and April this year. I would think it would be inappropriate at this time, because the exchange rate has adjusted, that we should go back to the pilgrims and pay the difference.

He said the CBN, as a business, could not breach a contract reached by both parties.

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