CBN didn’t subsidise forex for hajj pilgrims, Emefiele insists
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says neither the bank nor the federal government subsidised foreign exchange for 2016 hajj pilgrims.
Earlier, the CBN released a circular showing that 65,167 pilgrims were getting forex at N197 to a dollar, which is against the current foreign exchange policy.
The presidency had denied the subsidy, saying there was no discrimination against Christian pilgrims.
Corroborating presidency’s stance, Emefiele said the deal between the CBN and the pilgrims was consummated long before the new forex policy was implemented.
“Pilgrims made what is called advance payment for their personal travel allowance, in this case $750,” Emefilele said at a press conference in Abuja.
“They make those advance payments to the state pilgrims board, and then the state passes it to the national body, who in this case has reached an agreement with the central bank about the appropriate rate that would be used.
“For 2015, it is important for me to go back. In 2015, when the market rate was 197, the pilgrims commission, Christians and Muslims, actually came to the central bank and agreed at N160 to the dollar, even when the market was 197. That was an agreement and a contract reached.
“For 2016, the pilgrims commission came to the Central Bank of Nigeria, and we agreed that it had to be done at the market rate, which at that time was N197.”
Emefiele said it would be against business ethic to direct the pilgrims to pay the difference in the old and new forex rate, on a previously-signed contract.
“The contract was reached sometime around March and April this year. I would think it would be inappropriate at this time, because the exchange rate has adjusted, that we should go back to the pilgrims and pay the difference.
He said the CBN, as a business, could not breach a contract reached by both parties.
So the exchange ‘sometime in March or April this year was N197.00 per dollar. You try my brother.
In my village, there is a saying that if the one who is being told a lie does not know, at least, the one who is telling the lie knows.
Hope Christian pilgrims also will be allowed to do the same. What is good for the goose should also be good for the gander. Nigeria we hail thee O jare!
If it was a signed contract, it should have a date. As the Governor of the Central Bank of Nigeria, the date CANNOT be March or April. Continue to fool the Nigerians.
I am yet to know the benefits of making these trips. Is it to bribe God so that they can get to Heaven? God cannot be humanized.
It is NOT by work so that man cannot boast. It is by HIS (GOD’S) GRACE. Forget ALL the FEARS planted in your mind.
Benefits of pilgrimage:
1. Bribe God.
2. Annoy the Devil’s (by stoning it/him).
what the heck is this guy talking about. gerarahere! please show us evidence of the 750 deposit at 197! they must have paid it into a bank abi?