The Independent Hajj Reporters (IHR) has asked the Federal Government to approve a certain benchmark of dollar rates for the 2025 Hajj transactions.

The IHR is a civil society organization that monitors, reports on, and advocates workable policies for the Hajj and Umrah Industry in the country.

In a statement yesterday, National Chairman Ibrahim Muhammad said the need for the approval becomes necessary to allowed the National Hajj Commission of Nigeria (NAHCON) to prepare for the pilgrimage.

IHR said: “80 per cent 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.”

The CSO added: “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 $500 they paid for in naira equivalent as at the time of payment to the 400 dollars they received during pilgrims airlift.