Nigeria’s foreign crisis persists as US dollar sales at Deposit Money Banks and other entities dropped by 74 per cent to $84.1 million at the close of work on Friday.
FMDQ data showed that FX Turnover plunged by $252m to $84.1m on Friday.
Consequently, the Naira depreciated against the Dollar at the official exchange market at N1,537.96 per US dollar on Friday from N1,498.25 on Thursday.
Similarly, at the Parallel Market, Naira dropped N1,590 per US Dollar on Friday from N1,575.00 on Thursday.
The depreciation recorded at both FX markets came amid CBN’s introduction of new guidelines on Wednesday last week, stopping the payout of Personal Travel Allowance, PTA and Business Travel Allowance, BTA in cash.
Similarly, the apex bank stopped International Oil Companies (IOCs) operating in Nigeria from repatriating 100 per cent of their forex revenue.
Naira crisis at FX market persists as US Dollar supply plunge by 74 per cent
