Why the exchange rate is N197 to $1 for Intending Pilgrims – Presidency

Garba Shehu, President Buhari’s Spokesman

Garba Shehu, the Senior Special Assistant to President Muhammadu Buhari on Media and Publicity has reacted to the outrage by Nigerians over the forex policy for Nigerians going on pilgrimage.

Some Nigerians were saying that since we are in a flexible forex regime, the Central Bank of Nigeria (CBN) shouldn’t have put a fixed price for intending pilgrims.

The CBN had on Thursday, directed all banks and forex authorised dealers to sell dollars to intending pilgrims at N197 to $1.

Shehu, on his Twitter handle said that the price was approved before the flexible forex regime was introduced, and that it is for both Christian and Muslims going on pilgrimage.

1. The exchange rate of N197:00 to a Dollar was approved by the President about three months ago,…

— Garba Shehu (@GarShehu) August 5, 2016

2. …much earlier than the the new FOREX regime came into being.

— Garba Shehu (@GarShehu) August 5, 2016

3. The Chairman of the Hajj Commission has confirmed that it is non-discriminatory.

— Garba Shehu (@GarShehu) August 5, 2016

4. It was approved for Christian and Muslim pilgrimages for this year. The CBN has offered an explanation.

— Garba Shehu (@GarShehu) August 5, 2016

However, what most Nigerians are saying is that the government should not subsidise for religious trips, adding that sectors such as Manufacturing, Education, and Health are the ones that should get forex subsidy.

Photo Credit: Twitter – @GarShehu