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The naira at the inter-bank market traded on low range throughout the week, exactly 31 days after the Central bank of Nigeria removed peg on the nation's currency.
The rate at which a naira can get a dollar appreciated on Friday to N319.25k, the highest trading rate for the week.
The currency started the week's trading at N315.95 to a dollar at the inter-bank market with a high trading rate of 319.25 and average rate of N317.19, according to a data mined from the bloomberg terminal.
At the parallel market, the naira retreated from N400 to a dollar on Thursday to N395 to dollar.
This follows a depreciation to N390 to the dollar on Wednesday.
Analysts believed that the recent depreciation to huge demand for forex by holidaymakers seeking to travel abroad. Some however say the demand is beyond the normal summer rush.
Meanwhile, the Apex bank, CBN, on Thursday, directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1.
In a circular on Thursday, marked, TED/FEMFPC/GEN/01/005, the CBN said: “Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA".
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The rate at which a naira can get a dollar appreciated on Friday to N319.25k, the highest trading rate for the week.
The currency started the week's trading at N315.95 to a dollar at the inter-bank market with a high trading rate of 319.25 and average rate of N317.19, according to a data mined from the bloomberg terminal.
At the parallel market, the naira retreated from N400 to a dollar on Thursday to N395 to dollar.
This follows a depreciation to N390 to the dollar on Wednesday.
Analysts believed that the recent depreciation to huge demand for forex by holidaymakers seeking to travel abroad. Some however say the demand is beyond the normal summer rush.
Meanwhile, the Apex bank, CBN, on Thursday, directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1.
In a circular on Thursday, marked, TED/FEMFPC/GEN/01/005, the CBN said: “Each pilgrim is entitled to purchase a minimum of $750.00 and maximum of US$1,000.00 as PTA".
Recommended: How 36 States Shared N145b Federal Allocation in July [FULL BREAKDOWN]
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