Naira depreciates as banks shift BTA/PTA rates to N419 per dollar

0
227

The value of the Nigerian naira depreciated by 1.5 percent as banks shifted personal travel allowance (PTA) and business travel allowance (BTA) rates from N413 to N419 per dollar.

PTA and BTA are currency exchange schemes specifically set up for Nigerians travelling abroad for personal or business reasons. Each traveller can get up to $4000 every quarter to lessen FX disparity at parallel and official markets.

The rate, which exchanged for N413 per dollar in the few months, has added about N6, bank sources told newsmen.

“We are surprised to see the changes too. The differences have always been kobo — but recently it has moved from N413 to 417 and within the last week and now, our portal is exchanging for N419 to a dollar,” a source said.

“Customers have no choice. So, most people do not complain about the development. It is better than the aboki (black) market rate of N570.”

At the parallel market, naira traded flat at N570 against the US dollar.

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to newsmen, quoted the naira at N567/N570 to a dollar.



READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!