The Naira, on Friday, October 14, depreciated by 1.07 percent at the Interbank or Spot FX market to close at N307.77 against the US dollar.
The Naira gained 5.3 percent against the Dollar in one week following the commencement of Travelex’s sale of forex to Bureau De Change Operators which in turn sell to parallel market operators.
However, the naira continued to firm up against the dollar at the parallel market. The Naira/Dollar rate at the parallel market closed at N445/US$ compared to Thursday’s rate of N455/US$ in the parallel market.
The Naira also firmed up to the Euro at N490 compared to previous days rate of N510 and also extended gains by 3.6 percent against the Pound Sterling to trade at N530 to one British Pound, compared to N550 it was exchanged for previously at the parallel market.
Meanwhile deposit money banks across the country began to suspend the usage of international cards by customers from Thursday, following the Central Bank’s suspension of these banks from forex transactions.
Diamond Bank started suspension of international card usage from Thursday 13th October, while GTB, Stanbic, and Ecobank commenced Friday. UBA customers will see the suspension of usage of their international cards from 15th October.
