Naira weakens at official market, as banks ask customers to return unused dollars

On Wednesday Naira weakened significantly against the U.S. dollar at the official market, but remained stable at the black market window.

Data posted by FMDQ, where forex is officially traded, showed that the local unit closed at N412.00 per $1 at the official market.

This represents a N1.00 or 0.20 percent devaluation from the N411.00 rate posted in the previous session on Tuesday.

This happened as Forex supply increased by 133.00 per cent with $180.19 million recorded as against the $77.46 million posted in the previous session on Tuesday.

At the black market on Wednesday, the Naira was stable against the U.S dollars.

Read also: Naira falls further at black market as banks list requirements to access FX

Data from abokiFX, showed the Nigeria currency closed at N521.00 per $1, the same rate it closed on Tuesday.

However, Naira depreciated by N2 against the Pound Sterling at the parallel market to sell at N712/£1 in contrast to N710/£1 of the previous session and closed flat on the Euro at N605/€1.

Meanwhile banks have asked customers to return unused dollars to the bank.

Part of the email reads, “You Can only apply for PTA/BTA Once in a Quarter: PTA and BTA requests are limited to a maximum of $4,000 and $5,000 per quarter per applicant respectively.

“Unutilized PTA/BTA: Customers are required to return purchased PTA/BTA to their bank within two (2) weeks from the date of purchase if not utilized for the intended purpose or if for any reason the scheduled trip is canceled.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now