
The value of the naira has continued to drop, aligning with a steady decline in Nigeria’s external reserves. This development coincides with the resumption of Business and Personal Travel Allowance (BTA/PTA) sales by banks to customers.
On Tuesday, the naira fell in the parallel market, selling at N1,675 per dollar, a N10 drop from Monday’s rate of N1,665. Similarly, at the Nigerian Foreign Exchange Market (NFEM), the currency weakened slightly from N1,551 on Monday to N1,552 per dollar.
The Central Bank of Nigeria (CBN) has maintained its intervention in the forex market, further depleting external reserves. CBN data shows a year-to-date decline of $587.89 million, representing a 1.4% drop. The reserves, which started at $40.883 billion in early 2025, peaked at $40.92 billion on January 6 before falling to $40.29 billion by January 17.
Financial expert Ugodre Obi-Chukwu, CEO of Nairametrics, has forecasted potential stability for the naira over the year. He predicts a best-case scenario where the currency strengthens to N1,400 per dollar, while the worst-case scenario could see it depreciate further to N1,700 per dollar.
Meanwhile, banks like First Bank of Nigeria have resumed selling forex for PTA, BTA, and other transactions. Customers can now access foreign exchange for school fees, medical bills, and student upkeep through Form A applications.
The bank stressed the importance of processing these applications via the CBN’s Trade Monitoring System (TRMS) portal, ensuring that all required documents are uploaded for a seamless experience.
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