Naira Depreciates to N1,620/$ at Parallel Market

 

The naira has crashed against the dollar at the exchange rate market.

 

According to Vanguard, the naira yesterday exchanged at N1,620 to dollar at the parallel market.

 

It had exchanged at N1,618 to dollar on at the weekend, representing N2 per dollar depreciation.

 

At the Nigerian Autonomous Foreign Exchange Market (NAFEM)- the official market, the naira traded at N1,617 to dollar.

 

The local currency has continued to depreciate at both official and parallel markets over persistent dollar scarcity.

 

The CBN recently directed that all authorized dealers to pay Personal and Business Travel, allowances (PTA/BTA) to their customers through electronic channels only, including debit or credit cards instead of cash.

 

“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards. For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted,” the bank said.