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Hajj: 4 banks to handle foreign exchange

by Business News Report

Four banks have been approved to handle the foreign exchange transactions of pilgrims during the 1987 Hajj operations.
The banks are: First Bank, Union Bank, United Bank for Africa and the Bank of the North.
The banks are to sell foreign exchange to each pilgrim the amount of which must not exceed the net 1987 Pilgramage Basic Fund Allowance of $1,000.00 less deductible expenses for accommodation in Mecca and Medina royalties and transport.
The foreign exchange are to be in Saudi Riyals Travellers cheques to pilgrims whose names, passport and ticket numbers are included in the comprehensive pilgrims list endorsed by the CBN head office or its branches and currency centres.
The CBN by the circular has directed that the passport number of each illiterate pilgrim should be written beside the thump print on every travellers, cheque issued to each of such pilgrims.

The designated dealers are also to sell the permissible basic travel allowance to each pilgrim at the prevailing rate and change only 1/4 per cent commission is local currency.
The designated dealers are to further keep separate and adequate records and documentation in respect of all transactions to facilitate the checking and reconciliation of the 1987 hajj.
The CBN requests the designated authorised dealers to submit a detailed report on the 1987 Hajj transactions to the Director of Foreign, Operations, with a copy of Exchange Control, CBN, at least a month after the Hajj operations.
The CBN expects the report to render a disbursement account on the foreign exchange sold to each bank, the number of pilgrims attended to and the basis travel allowance sold to each pilgrim.

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