The Nigerian Naira, on Friday, May 25, maintained the same abysmal rate against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market.
The local currency exchanged at the rate of N366 against the greenback at the black market on Friday. Against the British Pound Sterling, the local currency exchanged at the rate of N500 and closed at the rate of N430 at the European Single Currency, Euro.
Meanwhile, the Central Bank of Nigeria (CBN) made available 210 million dollars to meet customers’ requests in various segments of the foreign exchange market, Isaac Okorafor, the acting Director, Corporate Communications (CBN) said in a statement.
Okorafor stated in the statement on Wednesday, May 23, in Abuja that CBN offered 100 million dollars to authourised dealers in the wholesale segment of the market.
He noted that the Small and Medium Enterprises (SMEs) segment got an allocation of 55 million dollars. He added that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.
He stated that “CBN has reliably gathered that some banks are turning back customers that come to purchase BTA/PTA and Foriegn Exchange for pilgrimage.
