On Tuesday, August 11, 2015, the Nigerian currency dropped against the US dollar at the parallel market.

Traders says that the drop was driven by demand mainly from individuals travelling abroad for summer holidays and importers.

According to Reuters, the naira was quoted at 224 to the greenback at the black market.

At the official interbank market, the dollar costs 197 since February.

Harrison Owoh, an operator of Nigerian Bureaux de Change (BDC), said: “We’ve seen a surge in dollar demand since Friday.”

He stated that the bank sold around $160m to BDC’s last week to increase dollar supply.

The source notes that BDCs are allowed to sell up to $4,000 as personal travelling allowance and $5,000 as business travelling allowance.

Last week the naira was appreciated to 216 at the parallel market after banks had started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.

https://www.naij.com/515575-naira-drops-224-dollar.html

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