The nation’s currency, the naira yesterday witnessed significant free fall in its value against the US dollar at the unregulated parallel market as well as inter-bank market due to scarcity of the greenback.
Naira yesterday lost N4.00k, N10.00k, and N7.00k against the dollar at the inter-bank, parallel and autonomous markets respectively.
It closed at N315.06/$ yesterday, which was about 1.29 percent fall compared to N311.06k closed the previous day. The local currency weakened by 2.56 percent to close at N400.00k yesterday as against N390.00k the previous day.
At the autonomous market, naira closed at N390.00k against the dollar yesterday, representing 1.83 percent from N383.00k on Wednesday, BusinessDay findings show.
Aminu Gwadabe, acting president, Association of Bureau De Change Operators of Nigeria (ABCON) said naira is losing value at the parallel market because of speculation.
He decried that banks are not selling the proceeds from the international money transfer as directed by the Central Bank of Nigeria (CBN).
The CBN in a circular all authorized dealers and general public released yesterday said each pilgrim for 2016 Hajj operation is entitled to purchase a minimum of US$750.00 and maximum of $1,000 as PTA.
According to the circular, the Federal Government has approved that intending pilgrims are to be sold the PTA at concessionary exchange rate of N197.00 to the US dollar.
The circular signed by Groting W. D, acting director, trade and exchange department, said no commission shall be charged by banks for the sale of PTA to the intending pilgrims.
Source : BusinessDay