Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

Senators want to create a N200 FX window for pilgrims

Onome Ohwovoriole by Onome Ohwovoriole
February 10, 2018
in General News
Senate Okays Lagos Development Loan Request
Share on FacebookShare on TwitterShare on Linkedin

Members of the Senate while deliberating on activities of the National Hajj Commission (NAHCON) have suggested that a concessionary FX rate of N200 a dollar be given to intending pilgrims. The decision was based on the fact that certain businessmen were allegedly getting discretionary FX rates of N200 to a dollar.

Senate Bukola Saraki while commenting during the debate said:  According to the Medium Term Expenditure Framework we passed, the exchange rate should be N305 to a dollar. If with the MTEF we passed, certain businessmen are getting N200 to the dollar, then definitely pilgrims deserve N200 a dollar as well.

Why this is a bad idea

Even though the Senate has no power to set or fix exchange rates, the move could set a bad precedence. Pilgrims already get a discounted exchange rate from the federal government. The Central Bank of Nigeria (CBN) in a circular issued July 2016, instructed commercial banks to sell dollars to pilgrims at a concessionary rate of N197. Pilgrims could however purchase a maximum amount of $1000 at the concessionary rate.
Setting the rate much lower, could lead to abuse and even round tripping. The Senators could one day decide to even unilaterally increase the minimum amount that can be bought by pilgrims. In addition to concessionary rates from the CBN, several states also give pilgrims allowances in addition to paying for their airfare.

What can be done instead

Rather than legislate on matters such as foreign exchange rates, the Senate should busy itself with passing critical laws that will make the Nigerian business environment more friendly. That way, businesses would be able to run in a profitable manner and intending pilgrims would not need a discretionary exchange rate or any form of government assistance to go on pilgrimage. Parts of the Petroleum Industry Governance Bill (PIGB) which has been split into several bills have yet to be passed by the National Assembly.

Related

Tags: Bukola sarakiFXNational AssemblyNews Review

Comments 2

  1. aybl2002 says:
    July 21, 2017 at 2:26 am

    Lazy bones, economic saboteurs and drunks. If MAN, petrol importers, education and health care had been given N200 to a dollar, cost of major finished products and services would be affordable to majority of the masses. Now this! We know who the real enemies are.

    Reply
  2. Thinker says:
    July 21, 2017 at 8:42 am

    It is the Senate President that used his mouth to say these things. SMH. Who are these faceless and nameless businessmen? The Hajj allowance should be cut totally and the money used for projects that will benefit ALL Nigerians.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • MTNN Plc emerges most capitalized stock on the NGX as share price closes at N261
    • ISSAN Forum: Experts raise alarm over brain drain of digital skills in Africa
    • Nigeria’s inflation rate jumps to 16.82% in April 2022, highest in 8 months

    Follow us on social media:

    Recent News

    MTN Nigeria says its revenue hit N470.9 billion in Q1 2022

    MTNN Plc emerges most capitalized stock on the NGX as share price closes at N261

    May 16, 2022
    Urgent need to re-up cybersecurity efforts as digital payments gain popularity

    ISSAN Forum: Experts raise alarm over brain drain of digital skills in Africa

    May 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com