See more as banks release latest rates for dollar, 10 other currencies

• Nigerian banks person updated their speech rates for the naira against the US dollar for PTA, BTA, and different FX needs
• The latest complaint captured connected their websites shows that the naira's speech complaint to the dollar remains beneath N1,600
• The CBN besides shared the updated naira-to-dollar rates, including those of 9 different overseas currencies

Legit.ng writer Dave Ibemere has implicit a decennary of acquisition successful business journalism, with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The naira speech complaint against the US dollar successful the authoritative overseas was stable, closing astatine N1,550 connected Tuesday, June 25.

This is the aforesaid complaint the Central Bank of Nigeria quoted connected Monday successful the Nigerian Foreign Exchange Market (NFEM).

Nigerians to bargain 1 dollar for beneath N1,600 astatine banks Photo credit: Bloomberg/contributor
Source: Getty Images

Nigerian banks person besides updated their overseas speech rates for Nigerians seeking Personal and Business Travel Allowance (PTA/BTA), arsenic good arsenic those paying for schoolhouse fees and aesculapian expenses abroad.

The latest updates amusement that the dollar is sold astatine N1,500

Naira against pound, euro

However, it was a antithetic result arsenic the naira against the British lb sterling and the euro.

CBN information showed that the Nigerian currency depreciated against the Pound Sterling astatine NAFEM connected Tuesday by N27.02 to settee astatine N2,109.78/£1, compared to Monday’s complaint of N2,082.76/£1.

While against the Euro, it weakened by N15.61 to punctuation astatine N1,798.12/€1, down from N1,782.51/€1 connected Monday.

Here is the latest buying complaint for PTA/BTA offered by Access Bank

• US Dollar: N1,500.00
• British Pound: N2,011.31
• Euro: N1,717.23
• Swiss Franc: N1,821.32
• Japanese Yen: N10.03
• Canadian Dollar: N1,081.24
• Australian Dollar: N957.11
• South African Rand: N81.98
• UAE Dirham: N402.41
• Singapore Dollar: N1,158.41
• Chinese Yuan: N201.01

Banks to merchantability dollar, different currencies astatine caller speech rates Photo credit: Bloomberg/contributor
Source: Facebook

Naira to the dollar astatine the achromatic market

In the unofficial marketplace besides known arsenic the parallel market, the naira appreciated against the US dollar.

Abudullahi, a forex trader, told Legit.ng that determination was little request connected Tuesday.

“At the commencement of the time connected Tuesday, we sold the dollar astatine N1,585 and bought astatine N1,573. However, owed to debased demand, our rates dropped to N1,575 for selling and N1,560 for buying. "On Monday, our rates were N1,590 for selling and N1,578 for buying. On Tuesday, the selling rates for the lb and euro were N2,150 and N1,800, respectively.”

US to enforce Tax connected diaspora remittances

Earlier, Legit.ng reported that the United States person introduced a measure proposing a 5 per cent excise taxation on each remittances sent abroad.

The measure was unveiled by the US House of Representatives targeting fiscal transfers from US residents to recipients abroad.

According to information from the Central Bank of Nigeria (CBN), betwixt January and October past year, Nigeria received astir $4.22 cardinal successful diaspora remittances via International Money Transfer Operators (IMTOs).

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Source: Legit.ng