x

Approve Forex Benchmark For Hajj Transactions-CSO urges FG.

By Jabiru Hassan, Kano.

Independent Hajj Reporters (IHR), a Civil Society Organization that monitors, reports on, and advocates workable policies for the Hajj and Umrah Industry in Nigeria has called on the Federal Government to approve a certain benchmark of dollar rates for the 2025 Hajj transactions.

The CSO made the call in a statement signed by its national coordinator, Ibrahim Muhammad on Sunday. “80 percent of hajj transactions are dollar-based meaning that the pilgrims will pay their hajj fare in naira and thereafter it will be converted to the dollar at the official exchange rate by the Central Bank of Nigeria (CBN) before being transferred to Saudi-based service providers for hajj services.

“The frequent fluctuation of the exchange rate and the unpredictable nature of forex trading has made it difficult to tabulate the hajj fare as at when desirable for pilgrims to be able to know the exact price of 2025 hajj packages” IHR said.

The CSO also said, “For example, the failure to peg the dollar at a fixed rate for the 2024 hajj transactions led to the reduction of pilgrims BTA from the 500 dollars they paid for in naira equivalent as at the time of payment to the 400 dollars they received during pilgrims airlift”.

Secondly, NAHCON will find it difficult to compute the exact hajj fare or compute dollar-based hajj services without specific government-approved forex rates for the 2025 hajj transactions. The statement added

The CSO said the reduction of BTA during Hajj 2024 inflicted untold suffering on innocent pilgrims and pleaded with the Federal Government to approve Hajj 2025 transactions on a fixed dollar rate to allow certainty and stability in Hajj exercise in Nigeria.

IHR said it is aware that efforts are being made by the National Hajj Commission of Nigeria (NAHCON) leadership to pay service providers (though without details as to which services) in naira to reduce the pressure of dollars in hajj transactions.

“It must be understood that service providers who May be paid in naira will have to take their naira to the bank for conversion to the dollar before paying for their services in their country. Such transaction should be based on a specific forex rate”

“Given the current financial difficulties and the high rise in the cost of hajj fare, we once again appeal to the Federal Government to peg the dollar to a fixed rate for hajj 2025 transactions,” IHR said.

Hot this week

Ministry of Interior Honours Retirees for Outstanding Service

The Permanent Secretary, Ministry of Interior, Dr. Magdalene Ajani,...

FG Goes Digital To Ensure Drug Availability In Hospitals

By Joyce Remi-Babayeju The federal government has gone digital to...

Kidnappers Kill Traditional Ruler in Kanam LGA of Plateau

By Israel Adamu, Jos Gunmen suspected to be kidnappers have...

BREAKING: Blackout as national grid collapses

Large parts of Nigeria were thrown into darkness on...

NYCN Urges Support for Nasarawa Indigenes in Federal Appointments

By Abel Zwanke, Lafia The National Youth Council of Nigeria...

Gov Sule Hands Over Headquarters Complex to North Central Development Commission in Lafia

By Israel Adamu, Jos Nasarawa State Governor, Engr. Abdullahi Sule,...

Kogi Govt Vows to Clamp Down on Youth Aiding Bandits

By Noah Ocheni, Lokoja The Kogi State Government has warned...

8th Zenith Bank/Delta Principals’ Cup Kicks Off September 18

By Anne Azuka The 8th edition of the Zenith Bank/Delta...

Kaduna ADC Stakeholders Petition Police Commission, Demand Probe of El-Rufai

By Achadu Gabriel, Kaduna Stakeholders of the African Democratic Congress...

China Commissions 14th Chinese Corner in FCT School

The Chinese Embassy in Nigeria on Thursday inaugurated a...

Governor Sule and the Two Horsemen: How Synergy Is Redefining Governance in Nasarawa

By Leo Zwanke, Lafia When Engineer Abdullahi Sule assumed office...

Related Articles

Popular Categories

spot_imgspot_img