It exchanged at N1,125 to dollar on over the weekend, representing N75 appreciation. Naira appreciated by 0.56 per cent to close at N1,136 to dollar at the official market.The CBN recently directed that all authorized dealers to pay Personal and Business Travel, allowances to their customers through electronic channels only, including debit or credit cards instead of cash.
Legitimate needs driving the demand include Form A applications for Business Travel Allowance , Personal Travel Allowance , school fees, and medical fees. Small and Medium Enterprises are also grappling with the scarcity, as highlighted by the use of Form Q. Rewane, also an economist, said the naira had since February, appreciated significantly across the markets, fueled by sanitisation of the forex market, an increase in forex supply and a fall in the demand for dollars.