Yesterday, the Central Bank of Nigeria issued a circular instructing commercial banks to sell dollars to Pilgrims going to the Hajj at a concessionary rate of N197, and this has sparked serious outrage on social media.
According to Yukibox, the circular adds that the number of pilgrims attending this year is 65, 197. And each one of them can buy up to $1000.
This means the CBN would be selling about $65, 197, 000 to the pilgrims.
Yesterday, the official exchange rate closed at N315, and so the sale of this special rate to the travelers will cost tax payers a whopping N7,693, 246, 000.
This is not the first time the CBN would be making concessions for pilgrims, however, this is the highest disparity in recent history. Hence the online outrage as Nigerians demand an explanation from the CBN and the present administration.
See the reactions:
— Aisha Yesufu (@AishaYesufu) August 5, 2016
Floated Naira? Market value? Nah son. If you're going on Hajj, the Lord has blessed you with US$1 : ₦197. pic.twitter.com/Q3p18BiHFo
— Mr. Aye Dee (@MrAyeDee) August 4, 2016
$1 is N400. Now the Gov't is benevolently sponsoring hajj for $1=N197. Dear Gov't, keep up the financial wisdom as investors stay clear.
— Dolapo Aina (@DolapoAina) August 5, 2016
What economic benefit does Hajj has to the majority of Nigerians?
We are sick walahi.
— Ich heiße Seun (@sheunfawole) August 5, 2016
Hajj Package; but we had a stranded team, IDP camps have issues, Nigerians are exchanging at 400 to the dollar. Misplaced priorities.
— Tomi Adesina (@tomi_adesina) August 5, 2016
Small businesses aren't getting concessions, it's hajj pilgrims that are….wow? https://t.co/M3FlLDJWdA
— Lanre eLDee Dabiri (@eLDeeTheDon) August 5, 2016
— Mayowa Owolabi (@mayowaowolabi) August 5, 2016
The bigot go subsidize for Hajj sharp sharp and leave more important things unattended to…..
— Johnny-cash (@kene_bez) August 5, 2016
— Michael Falade (@mikkyfaradd) August 5, 2016
CBN selling dollar @ 197 to pilgrims and yet businesses and student can't get it for that rate .
So hajj is more important than businesses ?
— EL INTIMIDAR UNO (@thabullyone) August 5, 2016