The naira’s value continued to fall as the 30-day moving average of external reserves dwindled.
This comes as banks resumed selling Business and Personal Travel Allowance (BTA/PTA) to consumers.
At the close of business on Tuesday, the naira’s value on the parallel market fell by N10, trading on the streets at N1,675 to the dollar, down from N1,665 to the dollar on Monday.
At the Nigerian Foreign Exchange Market (NFEM), the naira fell slightly from N1,551 to the dollar, where it closed on Monday, to N1,552 to the greenback. The Central Bank of Nigeria continued to intervene in the market as external reserves depleted further.
According to CBN data, external reserves have decreased by $587.89 million, or 1.4%, from $40.883 billion at the start of the year. The reserves had climbed to $40.92 billion on January 6, 2025, and were at $40.29 billion as of January 17, 2025.
Ugodre Obi-Chukwu, founder and CEO of Nairametrics, stated that the naira will remain constant throughout the year, with the worst-case scenario seeing the currency drop to N1,700 per dollar and the best-case scenario seeing the naira rise to N1,400.
