For a significant stretch of time, the exchange rate between the naira and the dollar has remained steady, a departure from its previous volatility. Over the past 24 hours, the naira strengthened against the dollar, trading at N1,200 in the parallel market....CONTINUE READING THE FULL ARTICLE>>>
This stability echoes the closing rate observed on Tuesday, indicating a notable reduction in pressure within the forex market. The recent resilience of the local currency points towards a swift recovery, largely attributed to the Central Bank of Nigeria’s (CBN) proactive measures.
The CBN’s decision to initiate dollar sales to bureau de change operators has played a pivotal role in curbing market volatility.
Furthermore, the CBN’s directive instructing authorized dealers to exclusively facilitate Personal and Business Travel Allowances (PTA/BTA) through electronic channels, rather than cash, underscores its commitment to fostering transparency and stability in the foreign exchange market.
However, challenges persist for importers seeking essential funds from both the official FX market and the black market. The heightened demand for foreign currency is driven by legitimate needs such as Form A applications for Business Travel Allowance (BTA), Personal Travel Allowance (PTA), school fees, and medical expenses. Small and Medium Enterprises (SMEs) are also grappling with the scarcity, evident in the utilization of Form Q…CONTINUE READING>>
