The naira witnessed a decline in value yesterday, exchanging at N1,534.39 to the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market….CONTINUE READING
The exchange rate dropped to N1,490 to the dollar at the parallel market, with traders anticipating further weakening amid exacerbating dollar shortages.
“This is the second time in many months that the official exchange rate has been weaker than the parallel market rate,” the report stated.
Earlier on January 30, the naira was pegged at N1,482.57 to the dollar at the NAFEM – the official market, before depreciating to N1,460 to the dollar at the parallel market due to persistent dollar scarcity.
Importers are encountering challenges securing necessary funds from both markets, affecting legitimate needs such as Form A applications for Business Travel Allowance (BTA), Personal Travel Allowance (PTA), school fees, and medical fees, as well as Small and Medium Enterprises (SMEs) utilizing Form Q.
