The naira has continued its downward trend, falling further to N390 to a dollar as against its 385 stand at the close of business on Thursday.
Also, the nation’s foreign reserves took a break from its upward journey, losing about $52 million to stand $30.296 billion from $30.348 billion.
The liquid amount in the reserves is about $29.6 billion and about $674 million being blocked.
The foreign reserves hit $30 billion weeks back – for the second time since President Muhammadu Buhari assumed power in May 2015, and reached its highest point since October 2015.
The naira, which closed at 410 to the euro on Thursday, now trades at 415 to the same currency and at 485 to the British pound as against its last closing price of 470.
The Central Bank of Nigeria (CBN) has made efforts to salvage the situation of the naira by easing foreign exchange policies thus providing forex to cater for tuition, travel and medical expenses.
Since the announcement, the CBN has pumped more than $2 billion into the market to ensure convergence of all segments of the market.
On Thursday, the apex bank announced that it had increased the foreign exchange amount to be sold to bureau de change operators to $10,000 per week from the initial $8,000.
It also said that it would announce new rate for BDCs.
Meanwhile the Central Bank of Nigeria (CBN) says Nigerians should put a call through to the apex bank, if any commercial bank does not give foreign exchange for genuine demand in 24 hours.
Reacting to comments on customer frustration by some deposit money banks (DMBs), the CBN said DMBs have more than enough forex to meet demand.
“Information reaching the Central Bank of Nigeria (CBN) reveals that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees,” CBN said via a statement.
“This claim is totally untrue. All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. Indeed, on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items.
“Members of the public seeking to buy forex for the above-mentioned purposes are, therefore, advised to go to their banks and obtain their forex. Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to [email protected], with the name and branch of the non-cooperating bank.
“Furthermore, no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360/$1.”
CBN on Thursday revealed that it would sell $10,000 to bureau de change operators from Monday, April 3, 2017.