Naira closes at 685 naira/$1 amid pressure from foreign airlines on the currency

Nigeria’s currency, the Naira, has come under enormous pressure from foreign airlines’ demand for Nigerians to buy plane tickets in dollars.

Ripples Nigeria previously reported how companies like British Airways and Turkish Airlines have already sent emails to their customers saying they will no longer issue tickets to passengers in naira.

As more people turn to the black market due to the scarcity of the dollar, traders on Monday sold a dollar at 685 naira to potential customers.

The exchange rate was around N/$670 if potential buyers are willing to collect a lower dollar dominance bill of $1 to $50.

READ ALSO: CBN Reduces Naira Minting

The pressure on Naira was further exacerbated as commercial banks reportedly set the daily withdrawal limit from home accounts at $2,000.

Similarly, in the official market, the value of the naira fell to 429.43 naira per dollar at the end of trading activities on the Investors and Exporters window.

This represented a devaluation of 0.08% against 429.43 naira for which the currency traded against the dollar last Friday.

Data from FMDQ Securities where Naira is officially traded showed participants traded $161.94 million on Monday, a sharp increase from the $50 million recorded the previous trading day.

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About Ruben V. Albin

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