Saturday, April 10, 2021

CBN to senate: N200 to dollar exchange for pilgrims not feasible

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Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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Resolution of the Nigerian senate asking the Central Bank of Nigeria, CBN, to sell a dollar at N200 to the intending pilgrims was not going to be feasible, according to the apex bank’s reaction on Friday.

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The Senate’s resolution was directed at the federal government who was then expected to direct the CBN to supply dollars at a subsidised exchange rate of N200 to intending pilgrims to either to Saudi Arabia or Israel.

“The committee strongly recommends the concession of N200 to $1 for 2017 Hajj, to bring down the cost to a bearable level,” senator Adamu Aliero said, who sponsored a motion on the matter.

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However, the apex in a response to enquiries denied the allegations that it has been allocating FOREX to any business at N200.

Spokesperson of the bank, Isaak Okorafor said on Friday that “It is not true. We (CBN) are NOT selling FOREX to anyone at N200 to the dollar. The lowest rate in the entire market is the inter-bank rate, which ranges between N305 to N315.”

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