Again, naira plummets further against dollar

The naira exchanged to the dollar at N504 at the parallel market on Friday—from N500 a week earlier, and N490 a month ago.

The Naira sold between N503 and N504 on Friday, according to bureau de change operators naijabdcs.com

The CBN has disclosed that it is increasing the amount of foreign exchange allocated to banks to meet legitimate needs.

CBN Governor Godwin Emefiele then warned Deposit Money Banks to desist from denying customers the opportunity to purchase foreign exchange.

Transactions including Personal Travel Allowance, Basic Travel Allowance, tuition fees, and medical payments will have access to forex. Likewise Small and Medium Enterprises transactions or for the repatriation of Foreign Direct Investment proceeds.

Nigerians travelling abroad could access a maximum amount of $4,000 foreign exchange from the banks, while those travelling on business trips could also access a maximum amount of $5,000 for each trip.