Traders says that the drop was driven by demand mainly from individuals travelling abroad for summer holidays and importers.
According to Reuters, the naira was quoted at 224 to the greenback on the black market.
At the official interbank market, the dollar has cost 197 naira since February.
Harrison Owoh, a Nigerian bureaux de change (BDC) operator, said: “We’ve seen a surge in dollar demand since Friday.”
He stated that the bank sold around $160m to BDC’s last week to increase dollar supply.
The source notes that BDCs are allowed to sell up to $4,000 as personal travelling allowance and $5,000 as business travelling allowance.
According to Reuters, the naira was quoted at 224 to the greenback on the black market.
At the official interbank market, the dollar has cost 197 naira since February.
Harrison Owoh, a Nigerian bureaux de change (BDC) operator, said: “We’ve seen a surge in dollar demand since Friday.”
He stated that the bank sold around $160m to BDC’s last week to increase dollar supply.
The source notes that BDCs are allowed to sell up to $4,000 as personal travelling allowance and $5,000 as business travelling allowance.
Last week the naira rose to 216 on the parallel market after banks
had started denying their customers the opportunity to make cash
deposits of dollars, pounds and euros into their domiciliary accounts.
Source: Naij.com 
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