See more as CBN makes it easier for Muslims to perform 2025 Hajj pilgrimage

• The CBN volition let pilgrims to usage currency alternatively of debit cards for the Basic Travel Allowance (BTA)
• The determination comes aft concerns that the mandatory usage of debit cards for BTA would make challenges for pilgrims,
• Vice President Kashim Shettima had to talk with the CBN to let the usage of peculiarly owed to constricted ATM entree and the fiscal literacy of galore Nigerian pilgrims

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Central Bank of Nigeria (CBN) has approved currency transactions for Nigerian pilgrims going for the 2025 Hajj pilgrimage to Mecca.

This was disclosed successful a connection signed by Stanley Nkwocha, Senior Special Assistant to the President connected Media & Communications (Office of the Vice President).

Muslims to usage currency for 2025 Hajj pilgrimage to Mecca Photo credit: MASTER
Source: Getty Images

According to the statement, this determination follows the involution of Vice President Kashim Shettima, who appealed to President Bola Ahmed Tinubu connected behalf of the pilgrims done the National Hajj Commission of Nigeria (NAHCON).

Earlier this year, the CBN introduced a caller outgo strategy for Basic Travel Allowance (BTA), requiring pilgrims to usage ATM cards linked to a BTA account.

But determination were existent concerns that this strategy could make important challenges for the creaseless operation of the 2025 Hajj, peculiarly successful airy of the constricted entree to ATMs and the difficulties immoderate pilgrims person with physics payments.

However, aft the Vice President’s intervention, the CBN decided to revert to currency payments, which volition beryllium provided astatine the marketplace rate.

How did the CBN payments work?

Speaking aft a meeting with the Vice President, Aliu Abdulrazaq, NAHCON’s Commissioner for Policy, Personnel Management & Finance, confirmed that the CBN had agreed to let Nigerian pilgrims to usage currency during the pilgrimage.

He expressed alleviation that the contented had been resolved.

He said:

“The gathering was prompted by the argumentation of the national authorities connected the paper for BTA for 2025 Hajj operations. “The Vice President intervened and invited the CBN Deputy Governor with a plea. Out of the magnanimity of the CBN and entreaty made by the Vice President, they dropped the thought of a paper for pilgrims and conceded to radical having currency alternatively of a card. This is simply a landmark accomplishment for NAHCON.”

He further explained that Saudi Arabia’s constricted ATM infrastructure, with lone 1 instrumentality often crowded with pilgrims, posed difficulties for Nigerian pilgrims trying to marque purchases.

Nigerians going to Mecca volition beryllium capable to get currency successful dollars Photo credit: Bloomberg/contributor
Source: Getty Images

Abdulrazaq added that 95% of the pilgrims are peasant farmers who are not accustomed to physics payments, making currency transactions essential.

Abdulrazaq added:

"Now, we are adjacent much assured that the Hajj operations volition beryllium seamless for the pilgrims. "All arrangements person been successful apical gear, but the BTA was our fear; today, the fearfulness has present been addressed."

Clarifying the change, NAHCON’s Secretary, Mustapha Muhammad Ali, stated that the accommodation is not a subsidy oregon concession from the national government, but alternatively a indispensable measurement to accommodate the needs of the pilgrims.

He explained:

“Most of the pilgrims marque purchases successful the streets of Mecca oregon Medina, and they bash not request debit cards to marque their purchases."

CBN lists each approved charges for slope accounts

Ealier, Legit.ng reported that the Central Bank of Nigeria has shared the list of approved slope charges for commercialized banks and different fiscal institutions.

The charges covered services specified arsenic transfers, withdrawals, paper maintenance, and physics banking fees.

The determination aims to beforehand transparency and user extortion to debar excessive charges successful the fiscal sector.

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Source: Legit.ng